Going Concern Accounting Concept

Accounting Concept : Going Concern
It is assumed that the business will exist for a long period and transactions are recorded from this point of view.

Few Points to Remember
A business will continue in a foreseeable future and there is no intention to close down the business.
Fixed Assets are recorded at their original cost and depreciation is charged on these assets.
Third parties enter into long-term contract with enterprise only because of this concept.


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