Multiple choice general knowledge

Business shall continue for an Indefinite period and there is no intention to close the business

  1. Dual Aspect Concept

  2. Business Entity Concept

  3. Going Concern Concept

  4. Accrual Concept
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The Going Concern Concept assumes that a business will continue operating indefinitely and has no intention to close down. This fundamental assumption underlies accounting practices like asset depreciation and long-term liability classification.

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