NCERT · Class 11 · Accountancy · Theory Base of AccountingThe assumption that a business enterprise will continue to operate for a foreseeable future is known as:
Step-by-Step Solution
The Going Concern Assumption implies that the business has neither the intention nor the necessity to liquidate or curtail significantly the scale of its operations in the near future.
Detailed Options Breakdown
Option : Accounting Period Concept
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Theory Base of Accounting.
Option 1: Going Concern Concept (Correct Answer)
Correct choice. Refer to the step-by-step verified solution guidelines above for details.
Option 2: Realisation Concept
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Theory Base of Accounting.
Option 3: Business Entity Concept
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Theory Base of Accounting.
💡 Study Guide: This question tests core syllabus concepts from Theory Base of Accounting. For formulas, key summaries, and mock exam reference guides, read the full Theory Base of Accounting Revision Notes.