Accountancy Project
Storyboard Text
- Hey Rajvir, have you studied for the Accounting Assumptions test?
- Of course I have, all the concepts are crystal clear in my mind!
- Oh really? Then tell me what is going concern assumption?
- As per this assumption transactions are recorded at the time of their happening, not at the time of their final settlement.
- No you're wrong. That's accrual assumption not going concern assumption.
- Don't try to make a fool of me! If you know so much then you only tell what going concern assumption is.
- As per going concern assumption, it is assumed that business will go on for an indefinite period of time so purchase of assets is capital expenditure.
- But isn't that consistency assumption?
- No, as per consistency assumption same accounting practices must be followed every year.
- And I thought that was going concern assumption.
- I guess you are not going to score good in the test.
- Oh no! My mother is gonna kill me if I don't score good!
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