The Going Concern Assumption Is That the Business Will Continue

question 248

True/False

The going concern assumption is that the business will continue in operation long enough to carry out its existing objectives and commitments.

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Definitions:

Factors Affecting

Variables or conditions that can influence the outcome or behavior in various contexts, such as environmental, social, or psychological elements.

Aging

The process of becoming older, which entails biological, emotional, intellectual, and social changes.

Physical Changes

Alterations in the physical state or appearance of a substance or object, without changing its chemical composition.

Deterioration

The process of becoming progressively worse or the decline in quality or condition.