Omolehinwa (2004) added that in valuation of assets, firms may use different methods which may give different values in the financial statement. These methods include first- in- first- out, weighted average, highest- in- firstout and next -in- first- out. Depreciation also has different methods of valuing assets. These methods are straight line method, reducing balance method, sum of the year's digit method, revaluation method, annuity method, sinking fund method and production units or hourly method. The choice criterion among the various methods of assets valuation could result to over or understated profit in the financial statements. The going concern assumption can however be realistic to some extent if the firm will be able to meet its routine and long term financial obligations as they fall due. Otherwise, organization may abort this assumption by going into liquidation. The strength and weakness of a firm will possibly predict or signal to interested parties on pending
danger for immediate action by identifying the various strengths, weaknesses, opportunities, and threats (SWOT) of a firm.