Vidyalelo
Commerce · Q23

Miscellaneous in Commerce

Graduate and Post Graduate · Commerce · question 23

Q23

Fixed assets and current assets are categorized as per concept of:

A.
Separate entity
B.
Going concern
Answer
C.
Consistency
D.
Time period

Answer: Option B

Solution

Answer: Option B
Solution:
In accounting, fixed assets and current assets are categorized as per the concept of Going concern. The going concern concept assumes that the entity will continue its operations for the foreseeable future, and assets are classified based on their nature and usage in the ongoing business activities.

Therefore, the correct answer is Option B: Going concern.