ECZ PoA 7110 Practice Questions - Zambia School Certificate GCE - Principles Of Accounts (7110) Exam

The going concern concept assumes that a Chipata hardware shop will:

Continue operating for the foreseeable future, so assets are not valued on a break-up basis Be sold next month and should therefore value all assets at forced-sale prices Always make a profit Never buy non-current assets on credit

Correct Answer:

Continue operating for the foreseeable future, so assets are not valued on a break-up basis

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