Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 24 - No. 27)
What does the term 'going concern' refer to in accounting?
The business's ability to continue operating in the foreseeable future.
The speed at which a business generates revenue.
The legal structure of a business.
The value of the business's assets.
Explanation
Going concern assumes the business will continue operations.
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