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.
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More on accounting and auditing: Accounting Cycle, Accounts Payable, Accounts Receivable, Accrued Revenue, Amortization, more...
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