Question

Business units last indefinitely .’ ‘ But then how is its Performance measured? Mention and explain the conceptson which the statement is based.

Answer 1

Answer:

Business units lasts indefinitely" implies that the business is based on the Going Concern Concept.On the other hand, as per Accounting Period Concept the entire life of business is divided into smaller period of time (say one year) for measuring its performance.

Explanation:

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