Question

Which of the following statements is correct?

A The going concern concept guarantees that a business will continue in operational

existence for at least twelve months after the reporting date.

B To comply with the law, the legal form of a transaction must always be reflected in

financial statements.

C If a non‐current asset initially recognised at cost is revalued, the surplus must be

credited in the statement of cash flows.

D In times of rising prices, the use of historical cost accounting tendsto understate assets

and overstate profits.​

Answer 1

Answer:

I think option C is the answer

If my answer is wrong am sorry

Answer 2

A going concern is a business that is assumed will meet its financial obligations when they fall due. It functions without the threat of liquidation for the foreseeable future, which is usually regarded as at least the next 12 months or the specified accounting period (the longer of the both).

Answer:

I think

option A is correct.

Explanation:

Hope it helps.

mark me as brainliest if the answer is correct.