Accounting for IGCSE & O level - Final Statements (Section 7 - No. 37)
What does the term 'going concern' mean in the context of financial statements?
The business is expected to cease operations in the near future.
The business is expected to continue operating for the foreseeable future.
The business is only concerned with current assets.
The business has no debt.
Forklaring
The going concern assumption implies that a company will continue to operate in the future.