Nevertheless , it still leaves us with the unsolved problem of determining the limitation , of when the going concern assumption not to be applied . This is not an easy task because different industries would have different interpretation of a `near bankruptcy ' conditions (Kam . The Historical Cost Principle The GAAP requires that assets and liabilities are reported on the basis of acquisition cost . For example , the cost recognition of a product sold must use the acquisition price of the raw materials , plus...











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