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does current year losses of rs 500000 prove that a company
lacks going concern
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Answer Posted / kapil kr. agrawal
NO..
Because An auditor has to consider the Indicators mentioned in
AS-1 Disclosure of Accounting Policies..
Some of the indicators are:
Negative Net Worth, Negative Cash Flow, Adverse Key Financial
Ratios, Inability to pay creditors etc...
Also auditor should note the past trends of the company like
is company consistently making default in paying creditors or
consistently a loss making company....
thanx..
| Is This Answer Correct ? | 2 Yes | 1 No |
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