What Is Going Concern Concept A going concern is a company that has the resources to stay in business for the foreseeable future Here are some red flags that may indicate otherwise
What is Going Concern Concept 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 Going Concern Concept or Going Concern principle states or assumes that a business will continue to operate indefinitely Or till the firm at least achieves its purpose or objective In other words we can say that this concept says that a business will not close down or sell itself in the near foreseeable future
What Is Going Concern Concept
What Is Going Concern Concept
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Going Concern Concept means an organisation would continue its business operations indefinitely till the concept of bankruptcy and or liquidation invades This concept assumes that a business will continue to do its operations for the foreseeable future or at least for the next 12 months The going concern principle is the assumption that an entity will remain in business for the foreseeable future Conversely this means the entity will not be forced to halt operations and liquidate its assets in the near term at what may be very low fire sale prices
The concept of going concern is a fundamental principle in accounting shaping how businesses report their financial health and longevity It assumes that an entity will continue its operations into the foreseeable future without any intention or need to liquidate What is Going Concern Concept Going concern concept is one of the accounting principles that states that a business entity will continue running its operations in the foreseeable future and will not be liquidated or forced to discontinue operations for any reason
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Definition of going concern In the absence of evidence to the contrary an entity is viewed in operation indefinitely A going concern is designed to effect an indefinite succession of transactions It has no pre determined life limit it may continue to Going Concern Concept Definition The concept of going concern states that all records are made on the assumption that the business will continue for the foreseeable future
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A going concern is a company that has the resources to stay in business for the foreseeable future Here are some red flags that may indicate otherwise
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What is Going Concern Concept 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
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Going Concern
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