It is assumed that a business unit has a reasonable expectation of continuing business at a profit for an indefinite period of time. A business unit is deemed to be a going concern and not a gone concern. It will continue to operate in the future. Transactions are recorded in the books keeping in view the going concern aspect of the business unit.
Accounting concepts Accounting Questions Accounting Terms Accounts Accounts Payable - Accounts Receivable Balance Sheet Bank Exam details Bank Reconciliation Statement Branch Accounts Classification of Accounts Debit and Credits Depreciation Excel functions Final accounts adjustments Fixed Assets Golden rules of accounting Ilustration Journal entries Proforma Quiz ratios rectification of errors Tally Welcome to accounting Why accounting is needed