Fair presentation of financial statements in accordance with GAAP is not a guarantee of the continuation of an entity as a going concern.

Question

Quizplus · Accepted Answer

Fair presentation according to GAAP focuses on the accurate representation of an entity's financial position and operations, but it does not assess or guarantee the entity's ability to continue operating in the future. The going concern assumption is a separate evaluation.

Fair Presentation of Financial Statements in Accordance with GAAP Is