At the time of preparing financial statements of a company, there are some fundamental accounting assumptions. In case if they are not mentioned, it will be presumed that these accounting assumptions are followed in the financial statements. So let us …
Fundamental Accounting Assumptions Accounting assumptions are the three very basic accounting concepts or principles that are assumed to have been followed in the accounting transactions of an entity. So there is a need for a specific notation saying such concepts …
The concept of going concern assumes that a business firm would continue to carry out its operations indefinitely (for a fairly long period of time) and would not be liquidated in the near future.