Question

04. The Concept of going concern assumes that a business firm would
continue to carry out its indefinitely​

Answer 1

Answer:

The concept of going concern assumes that a business firm would continue to carry out its operations indefinitely, i.e. for a fairly long period of time and would not be liquidated in the foreseeable future. This is an important assumption of accounting as it provides the very basis for showing the value of assets in the balance sheet.