Question

It is on the basis of going concern concept that the assets are always valued at market value.

• A. True
• B. False

Answer 1

The correct option is B False

Going Concern states that the business has an indefinite life and it will not stop its operation of the business in the near future whereas
the cost concept states that the asset shall be recorded at the historical cost. and not market price.
Therefore, the above statement is wrong.