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Sep 8, 2023 · What is the Going Concern Assumption? The Going Concern Assumption is a fundamental principle in accrual accounting, stating that a company will remain operating into the foreseeable future rather than undergo a liquidation.
May 8, 2024 · Going concern concept is one of the basic principles of accounting that states that the accounting statements are formulated so that the company will not be bankrupt or liquidated for the foreseeable future, which generally is for 12 months.
Jun 5, 2024 · Going concern is an accounting term for a company that is financially stable enough to meet its obligations and continue its business for the foreseeable future. Certain expenses and assets may...
The concept of going concern is an underlying assumption in the preparation of financial statements, hence it is assumed that the entity has neither the intention, nor the need, to liquidate or curtail materially the scale of its operations.
Jun 24, 2022 · A going concern assumption is an accounting principle that helps to determine if a company is financially stable. It is one of the main assumptions of the generally accepted accounting principles (GAAP).
Definition of Going Concern. The going concern assumption is a basic underlying assumption of accounting. For a company to be a going concern, it must be able to continue operating long enough to carry out its commitments, obligations, objectives, and so on.
Going Concern assumption means that financial statements are prepared assuming that the business will continue to operate in the foreseeable future without the need to cease its operational activities.
