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Question

Going concern concept assumes that a business will run for .

A
a year
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B
a month
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C
a week
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D
forseeable future
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Solution

The correct option is D forseeable future
Going concern concept assumes that a business will run it's operations for a forseeable future. A company is a going concern if no evidence is available to believe that it will or will have to cease its operations in foreseeable future.

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