Identify the value involved in following going concern concept.
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Answer: Going concern is a fundamental assumptions in accounting on the basis of which financial statements are prepared . The importance of going concern concept is that the assumption believes that the entity will have long life and not shutdown or to be sold in the near future .
Explanation: The value involved in the concept is that it allows the performance to be measured and compared over years and this helps in effective decision making and planning for the management and other stakeholders .
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