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Question
Explain the going concern concept.
Explain the going concern concept.
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Solution
According to this concept, it is assumed that the business firm would continue its operations for a fairly long period of time and would not be liquidated in the near future. All the transactions are recorded in the books on the assumption that it is a continuing enterprise.
According to this concept, it is assumed that the business firm would continue its operations for a fairly long period of time and would not be liquidated in the near future. All the transactions are recorded in the books on the assumption that it is a continuing enterprise.
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