Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 24 - No. 48)
What does the phrase 'going concern' mean in accounting?
The business is likely to continue operating for the foreseeable future.
The business is planning to expand its operations.
The business is facing financial difficulties.
The business is generating a profit.
Explanation
The going concern assumption assumes a business will continue operating long enough to realize its assets and fulfill its obligations.
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