Definition: the Principle of Going Concern is the fundamental accounting principle that assumes that a business (entity) is financially sound enough so that it will remain operational in the foreseeable future. In other words, it is the assumption that an entity will remain in business for the foreseeable future. |
More on accounting and auditing: Accounting Cycle, Accounts Payable, Accounts Receivable, Accrued Revenue, Amortization, more on accounting and auditing... You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA. MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration. We like to keep things short, and provide links to learn more about your subject. |
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