The accounting concept which assumes that,absent any information to the contrary,the business will continue into the foreseeable future is the:

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The going concern concept assumes that the business will continue its operations in the foreseeable future, at least for the next accounting period. This concept allows accountants to value long-term assets and liabilities on their expected usefulness, rather than their current liquidation value. Choice A, the business entity concept, states that the business is distinct from its owners and other entities. Choice B, the future entity concept, is not a recognized accounting concept. Choice D, the periodicity concept, assumes that the operations of a business can be divided into artificial time periods, such as months or quarters, to facilitate financial reporting.

The Accounting Concept Which Assumes That,absent Any Information to the Contrary,the