Question

example of going concern concept

Answer 1

going concern means for longrun...a company is assumed to be a going concern unless otherwise stated in its annual report. it cannot be dissolved by death of members but only by act of law like dissolution or strike off

Answer 2

Explanation:

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☣ Going Concern Concept:-

• Under this concept it is assumed that business will continue in near future. it will not liquidised in near year.
• Example:- (Refer to the attachment)