_________ assumes the business will go on indefinitely in the future.

Question

Quizplus · Accepted Answer

The going concern assumption is a fundamental principle of accounting that assumes a business will continue to operate indefinitely in the future, allowing for financial statements to be prepared on that basis. Materiality refers to the significance of an item or event to the financial statements, cost refers to the actual amount paid for an asset or expense, and fair value refers to the estimated market value of an asset.

_________ Assumes the Business Will Go on Indefinitely in the Future