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WAEC Financial Accounting 2018 Question 18

Question 18

Accounting Concepts and Conventions

The concept that implies that a business will operate for an indefinitely long period of time is

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

Answer: B (going concern concept.)

Explanation

Going concern assumes the business continues.