Assets not closed at the end of a RP

[Chavi]

"Explain why assets are not closed at the end of each R.P. Identify an acc principle that supports this"

I had going concern, along the reasoning that assets aren't closed 'cause they represent future economic benefits/consumptions of the firm.

[kakar0t]

Same here

[LFTM]

"Explain why assets are not closed at the end of each R.P. Identify an acc principle that supports this"

I had going concern, along the reasoning that assets aren't closed 'cause they represent future economic benefits/consumptions of the firm.

i put reporting period and stated these accounts carry forward to the next reporting period.
this right?

[Akirus]

"Explain why assets are not closed at the end of each R.P. Identify an acc principle that supports this"

I had going concern, along the reasoning that assets aren't closed 'cause they represent future economic benefits/consumptions of the firm.

i put reporting period and stated these accounts carry forward to the next reporting period.
this right?

No. Granted, if you justify it properly, you CAN get marks for an explanation.

[LFTM]

"Explain why assets are not closed at the end of each R.P. Identify an acc principle that supports this"

I had going concern, along the reasoning that assets aren't closed 'cause they represent future economic benefits/consumptions of the firm.

i put reporting period and stated these accounts carry forward to the next reporting period.
this right?

No. Granted, if you justify it properly, you CAN get marks for an explanation.

so why is it wrong?

[kakar0t]

Reporting period = dividing ongoing life of a business up in order to calculate profit

[Akirus]

"Explain why assets are not closed at the end of each R.P. Identify an acc principle that supports this"

I had going concern, along the reasoning that assets aren't closed 'cause they represent future economic benefits/consumptions of the firm.

i put reporting period and stated these accounts carry forward to the next reporting period.
this right?

No. Granted, if you justify it properly, you CAN get marks for an explanation.

so why is it wrong?

Because assets are assets regardless of whether you have reporting periods or not; you cannot close their accounts simply because they still represent resources from which future economic benefits are expected to flow, a consequence of the going concern principle.

[LFTM]

"Explain why assets are not closed at the end of each R.P. Identify an acc principle that supports this"

I had going concern, along the reasoning that assets aren't closed 'cause they represent future economic benefits/consumptions of the firm.

i put reporting period and stated these accounts carry forward to the next reporting period.
this right?

No. Granted, if you justify it properly, you CAN get marks for an explanation.

so why is it wrong?

Because assets are assets regardless of whether you have reporting periods or not; you cannot close their accounts simply because they still represent resources from which future economic benefits are expected to flow, a consequence of the going concern principle.

So i lose all three marks?

[Stormer]

You can get 2 if you explained and justified it properly. I didnt have the balls to go with Going Concern even though I thought it may well have been right but explained it properly so I should get 2.

[Akirus]

"Explain why assets are not closed at the end of each R.P. Identify an acc principle that supports this"

I had going concern, along the reasoning that assets aren't closed 'cause they represent future economic benefits/consumptions of the firm.

i put reporting period and stated these accounts carry forward to the next reporting period.
this right?

No. Granted, if you justify it properly, you CAN get marks for an explanation.

so why is it wrong?

Because assets are assets regardless of whether you have reporting periods or not; you cannot close their accounts simply because they still represent resources from which future economic benefits are expected to flow, a consequence of the going concern principle.

So i lose all three marks?

You can get 2 if you explained and justified it properly. I didnt have the balls to go with Going Concern even though I thought it may well have been right but explained it properly so I should get 2.

What Stormer said. If you get the wrong principle, but use the correct justification, you may receive marks.

[99.95]

"Explain why assets are not closed at the end of each R.P. Identify an acc principle that supports this"

I had going concern, along the reasoning that assets aren't closed 'cause they represent future economic benefits/consumptions of the firm.

i put reporting period and stated these accounts carry forward to the next reporting period.
this right?

No. Granted, if you justify it properly, you CAN get marks for an explanation.

so why is it wrong?

Because assets are assets regardless of whether you have reporting periods or not; you cannot close their accounts simply because they still represent resources from which future economic benefits are expected to flow, a consequence of the going concern principle.

So i lose all three marks?

You can get 2 if you explained and justified it properly. I didnt have the balls to go with Going Concern even though I thought it may well have been right but explained it properly so I should get 2.

What Stormer said. If you get the wrong principle, but use the correct justification, you may receive marks.

i got going concern. i had a clash between going concern and reporting period but i stuck to my guns and said going concern. hope its right.

[Akirus]

It is correct, don't worry about that one. On the other hand, you might lose a mark for the justification... what did you write?

[LFTM]

It is correct, don't worry about that one. On the other hand, you might lose a mark for the justification... what did you write?

are you talking to me?

[Akirus]

It is correct, don't worry about that one. On the other hand, you might lose a mark for the justification... what did you write?

are you talking to me?

Addressed to 99.95. Didn't want to quote since the chain was getting big.

[emb_23]

i reckon they will take both going concern and reporting period but they will only take reporting period if you say something along the lines that an asset presents future economic benefit which carries onto the next reporting period