So, if a tricky question about an obscure tax law trips you up, feel free to work on it for about 2 minutes. You can return to it during your review time, as you’ll have answered all the other questions by then. In the event that you fail part of the EA exam, you’ll have to […]

This assumption affects how financial statements are prepared and presented, as it assumes that the business will be able to continue functioning and performing as expected. Going concern concept is closely linked with business entity concept, materiality concept and historical cost concept. For example, in assessing going concern, a business is looked at in isolation