ACC 301 Theory Question: Purpose Of Financial Reporting – Circumstances Leading To Going Concern Problems Of An Entity

300 Level Department of Accountancy exam questions and detailed answers. Download the answers in document format. Correct, detailed, and straightforward answers.

Questions:

(a) The purpose of financial reporting is to communicate accounting information that is useful to users of accounts. These users and their information needs vary. Discuss.

(b) There are a large number of circumstances that could lead to going concern problems. Enumerate the circumstances that could lead to going concern problems for an entity.

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