Accountancy, asked by jah4n5uShgudi, 1 year ago

what is meaning of GOING CONCERN CONCEPT? PLEASE TELL IN SIMPLE LANGUAGE!

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Answered by Karthika1

According to this concept business will last for a long period of time. There is no intention to liquidate the particular business in the immediate future. It is on account of this concept fixed assets are recorded at original cost and are depreciated in a systematic manner. If this principl is not followed the entire cost will be charged to profit and loss account.

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