The going concern assumption is generally applicable in most business situations unless liquidation appears imminent.

Name: The going concern assumption is generally applicable in most business situations unless liquidation appears imminent.
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The going concern assumption is a fundamental principle in accounting that assumes a business will continue to operate for the foreseeable future, unless there is substantial evidence to suggest it will not, such as the likelihood of imminent liquidation.

The Going Concern Assumption Is Generally Applicable in Most Business