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Which statement best explains Going concern?

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Question ID #25948 UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Auditing Sectional Test 2026 Medium

Which statement best explains Going concern?

Correct Answer: D. Assumption that an entity will continue operations for the foreseeable future
Going concern: Assumption that an entity will continue operations for the foreseeable future

Question: Which statement best explains Going concern?

A. Susceptibility of an assertion to material misstatement before considering related controls

B. Procedure designed to evaluate operating effectiveness of controls

C. Risk that audit procedures will not detect a material misstatement

D. Assumption that an entity will continue operations for the foreseeable future

Correct Answer: D. Assumption that an entity will continue operations for the foreseeable futureGoing concern: Assumption that an entity will continue operations for the foreseeable future

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Which statement best explains Going concern? - MCQ Explanation

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Correct answer: D. Assumption that an entity will continue operations for the foreseeable future