Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 44 - No. 33)
Which of the following is true about the Going Concern assumption?
It allows for assets to be depreciated
It assumes the company can't pay off its debts.
It assumes the company will be in business for a long time.
It requires a company to immediately liquidate.
Explanation
The Going Concern assumption assumes a company will be in business for the foreseeable future.
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