The Going-Concern Assumption Holds That the Business Entity Will Continue

question 7

Essay

The going-concern assumption holds that the business entity will continue its operations long enough to realize its projects,commitments,and ongoing activities.The assumption is that the entity is not expected to be liquidated in the foreseeable future or that the entity will continue for an indefinite period of time.
Explain the relationship between the going-concern assumption and the historical cost principle and the amortization of assets.

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Definitions:

Positive Institutions

Organizations or structures in society that promote individual well-being, positive psychology, and the development of strengths and virtues.

Positive Affect

A dimension of emotional experience that reflects the extent to which an individual feels enthusiastic, active, and alert.

Positive Institutions

Refers to organizations or frameworks that contribute to the well-being and positive functioning of individuals and communities.

Positive Emotions

Feelings that are enjoyable or pleasurable, such as happiness, joy, excitement, and love.