Question
Which of the following terms is used when assuming a business will continue to operate in theforeseeable future?A. separate entity conceptB. monetary measurement conceptC. going concern assumptionD. time period assumption
Step 1
A going concern is an accounting term for a company that has the resources needed to continue to operate indefinitely until it provides evidence to the contrary. This term assumes that the company will not go into liquidation in the near future. This assumption is Show more…
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