What is going concer concept?
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The going concern concept of accounting implies that the business entity will continue its operations in the future and will not liquidate or be forced to discontinue operations due to any reason. A company is a going concern if no evidence is available to believe that it will or will have to cease its operations in foreseeable future.
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According to this concept, it is assumed that business will continue for a foreseeable future and there is no intention to close or scale down the operations significantly .
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