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WAEC Financial Accounting 2007 Question 27

Question 27

Accounting Concepts and Conventions

The assumption that a business has perpetual existence is recognised by

  1. A.entity concept.
  2. B.periodicity concept
  3. C.going-concern concept
  4. D.realisation concept.
Show the answer and explanation

Answer: C (going-concern concept)

Explanation

That is the going concern concept.