According to the going concern concept, a business entity is assumed to have :
a) A long life b) a very short life c) An indefinite life d) Life of one Financial year
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A
A long life
According to the going concern concept, a business entity is assumed to have a long life. Going concern is basic accounting assumption, the assumption is that a company or the entity will be able to continue operating for a period of time that is sufficient to carry out commitments, obligations, objectives and so on.
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