Question

overy year .
(a) “Business is a going concern with separate entity" - Illustrate the statement,​

Answer 1

Answer:

Going concern is an accounting term for a company that has the resources needed to continue operating indefinitely until it provides evidence to the contrary. This term also refers to a company's ability to make enough money to stay afloat or to avoid bankruptcy. If a business is not a going concern, it means it's gone bankrupt and its assets were liquidated.

If a business is a separate legal entity, it means it has some of the same rights in law as a person. It is, for example, able to enter contracts, sue and be sued, and own property.Sole trader and partnership does not have separate legal entity.

from the above assumptions, we can say that ,“Business is a going concern with separate entity".

Explanation:

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