Question

1. ANSWER THE FOLLOWING:
1x10=10
1. A concept that a business will not be sold or liquidated in the near future is known as
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Answer 1

Answer:

1. 1×10=10

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Answer 2

ANSWER :-

The concept that a business will not be sold or liquidated in the near future is known as Going Concern Concept.

• ➯ According to the Going Concern Concept, whike recording business transactions in the books of accounts, it is assuemed that the busines will be carried on for a long time to carry out its objectives.

• ➯ The Going Concern Concept doesn't imply that the business entity is perpetual or immortal.

• ➯ The Going Concern Concept simply states that in the foreseeable future the business will not be liquidated or closed down.

• ➯ On the basis of the the Going Concern Concept, accounts of an entity are carried forward to the following year on the presumption that the business will be carried out in the years to come.