Question

The meaning of concept of going concern of business is. (1) shut - down of business
(2) starting of business
(3) continuity of business
(4) selling of business

choose the correct​

Answer 1

Answer:

3. Continuity of Business

Explanation:

The Going Concern Concept states that a business is started with no intention of closing it down in near future.

It assumes that the business will continue to operate indefinitely and will not liquidate in near future.

This concept helps us to distinguish assets and liabilities into Fixed Assets/Liabilities and Current Assets/Liabilities.