Question

The meaning of concept of going concern of business is. choose the correct​

Answer 1

Answer:

The 'going concern' concept, or assumption, is an accountancy term that describes a company which can continue operating without the significant threat of liquidation, and therefore remain in business for the foreseeable future.

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Answer 2

Clarity for Going Concern

The concept is not clearly defined anywhere in the Generally Accepted Accounting Principles (GAAP), which leaves a considerable amount of interpretation regarding when an entity should report it. However, Generally Accepted Auditing Standards (GAAS) requires an auditor to verify an entity’s ability to continue as a going concern.