Name the principle involved in the classification of Assets as Fixed and Current

Question

Quizplus · Accepted Answer

The Going Concern Principle is involved in the classification of assets as Fixed and Current because it assumes that a company will continue to operate indefinitely, allowing for the distinction between assets that will be used over the long term (fixed) and those that will be converted into cash or used up within the operating cycle (current).

Name the Principle Involved in the Classification of Assets as Fixed