1.Explain the going concern assumption. How is it relevant in accounting for a business that may be going through temporary financial difficulties?
2. Explain how the economic entity concept applies when a business is owned and operated by a sole proprietor.

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The Answer of 1.Explain the going concern assumption. How is it relevant in accounting for a business that may be going through temporary financial difficulties?
2. Explain how the economic entity concept applies when a business is owned and operated by a sole proprietor.

1Explain the Going Concern Assumption