Accountancy Project

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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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