state the accounting concept involved in the following situation the assumption is made that the entity in question will remain in business for an indefinite period of time
Answers
Answered by
1
Answer:
The concept of going concern assumes that a business firm would continue to carry out its operations indefinitely, i.e. for a fairly long period of time and would not be liquidated in the foreseeable future. This is an important assumption of accounting as it provides the very basis for showing the value of assets in the balance sheet.
Similar questions