The going concern concept refers to a presumption that:
A)the entity will be profitable in the coming year.
B)the entity will not be involved in a merger within a year.
C)the entity will continue to operate in the foreseeable future.
D)top management of the entity will not change in the coming year.

Question

Quizplus · Accepted Answer

The going concern concept assumes that a business will continue its operations into the foreseeable future and not liquidate or be forced to discontinue operations.

The Going Concern Concept Refers to a Presumption That