Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 20 - No. 22)
Which of the following is a key component of the 'Going Concern' assumption?
The business will continue operating for the foreseeable future.
The business will be liquidated immediately.
The business is managed by a single owner.
The business must use the same accounting methods forever.
Explanation
The going concern assumption presumes that the business will continue to operate indefinitely.
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