If the Going Concern concept is no longer valid, which of the following is true?
A. All prepaid assets would be completely written-off immediately
B. Total contributed Capital and Retained Earnings would remain unchanged
C. Intangible Assets would continue to be carried at net Amortized historical cost
D. Land held as an Investment would be valued at its realizable value
Answer:D
If the Going Concern concept is no longer valid, which of the following is true?
A. All prepaid assets would be completely written-off immediately B. Total contributed Capital and Retained Earnings would remain unchanged C. Intangible Assets would continue to be carried at net Amortized historical cost D. Land held as an Investment would be valued at its realizable value