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WAEC Financial Accounting 2015 Question 32

Question 32

Accounting Concepts and Conventions

The accounting concept that assumes that a business will continue operating for an indefinite period is

  1. A.business entity.
  2. B.going concern.
  3. C.consistency.
  4. D.duality.
Show the answer and explanation

Answer: B (going concern.)

Explanation

Going concern assumes the business will carry on for the foreseeable future.