Accounting · Accounting Principles
Which one of the following statements defines the phrase 'going concern' as it relates to a business?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The business can pay its debts as they fall due.
- 2The business will continue in existence for exactly the next five years.
- 3The business is currently profitable and liquid.
- 4The business will continue in existence for the foreseeable future.✓
Correct answer
The business will continue in existence for the foreseeable future.
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