If a business is not being sold or closed,the amounts reported in the accounts for assets used in operations are based on costs.This practice is justified by the:

Question

Quizplus · Accepted Answer

The Going Concern Principle assumes that the business will continue to operate in the future and therefore assets should be recorded at their cost rather than their market value, reflecting the long-term value of the assets to the business. This principle is relevant when the business is not being sold or closed.

If a Business Is Not Being Sold or Closed,the Amounts