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The accounting concept that assumes that a business will continue operating for an indefinite period...

Accounts - Principles of Accounts
WAEC 2015

The accounting concept that assumes that a business will continue operating for an indefinite period is

  • A. Business entity
  • B. Going concern
  • C. Consistency
  • D. Duality
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Correct Answer: Option B
Explanation

The going concern concept of accounting implies that the business entity will continue its operations in the future and will not liquidate or be forced to discontinue operations due to any reason.

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