The concept of 'going concern' means that we assume that;
A)the business will continue to exist into the indefinite future
B)the ownership of the business will not change in the foreseeable future
C)the nature of the business will not change in the foreseeable future.
D)the business will continue to be profitable for the foreseeable future.

Question

Quizplus · Accepted Answer

The concept of 'going concern' assumes that a business will continue to exist into the indefinite future, regardless of changes in ownership, nature of business, or profitability. It is a fundamental concept in accounting that allows for accurate financial statements to be prepared.

The Concept of 'Going Concern' Means That We Assume That;