Question 1
The accounting standards state that management is responsible to evaluate the entity's ability to continue as a going concern within one year after the date the financial statements are issued.
◦ true
◦ false
Question 2
The Financial Accounting Standards Board (FASB) describes a reasonable period of time as two years after the date the financial statements are issued for management to evaluate the entity's ability to continue as a going concern.
◦ true
◦ false