JAMB - Accounts Principles Of Accounts (2025 - No. 74)
When the going concern concept is no longer applicable, the fixed assets are recorded at their
realizable value
revalued amount
gross value
net book value
Explanation
The going concern concept assumes a business will keep operating indefinitely. If the business is closing, assets are recorded at their realizable value—the amount they can be sold for—not their original cost.
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