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WAEC Financial Accounting 2010 Question 42

Question 42

Accounting Concepts and Conventions

The accounting concept which assumes that the business will continue to be in existence into the foreseeable future is

  1. A.dual aspect
  2. B.business entity
  3. C.accrual
  4. D.going-concern
Show the answer and explanation

Answer: D (going-concern)

Explanation

Going concern assumes the business will continue operating for the foreseeable future.