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what is going concern assumption

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what is going concern assumption

Posted by Ritika Bhadani 5 years, 9 months ago

CBSE > Class 11 > Accountancy

2 answers

Ishika Verma 5 years, 9 months ago

Business will continue to exist for a long time in the future and there is no intension to close it or reduce its size sognificantly.

Yogita Ingle 5 years, 9 months ago

This concept assumes that an enterprise has an indefinite life or existence. It means that the intentions of the business are to continue for sufficiently longer period of time. It will not be dissolved or liquidated in the immediate future. If a machinery purchased is expected to last (to be used for) next 10 year, then the cost of machinery will be spread over the next 10 year for calculating net profit or loss of each year (Dep. Charged.)

The full cost of the machine would not be treated as expense in the year of purchase itself. Market value of the asset is irrelevant and is not recorded in the balance sheet, as these assets are not going to be sold in the near future.

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