Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 3 - No. 1)
What does the 'going concern' assumption mean in accounting?
The company is expected to continue operating in the foreseeable future.
The company is not expected to continue operating.
The company is only allowed to sell goods.
The company must use cash accounting.
Explanation
The going concern assumption assumes the company will continue operating.
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