The going concern assumption states that a business will be shutting down its operation in the near future.

Name: The going concern assumption states that a business will be shutting down its operation in the near future.
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The going concern assumption is the assumption that a business will continue to operate indefinitely. It is a fundamental principle of accounting, which assumes that a business will continue to exist for the foreseeable future and will not be shut down in the near future.

The Going Concern Assumption States That a Business Will Be