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Why is it necessary for accountant …

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Why is it necessary for accountant to assume that business entity will remain going concern

Posted by Vaishnavi Gupta 5 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Diwesh Sharma 5 years, 4 months ago

ANSWER The concept of going concern assumes that a business firm would continue to carry out its operation indefinitely it allows accountants to change from the revenues of a period only that part of assets which has been consumed or used to earn that revenue in that period and carry forward the remaining amount to the next years, own the estimated life of the assets.

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