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      Question

      The accounting concept that assumes a business will

      continue to operate for the foreseeable future is called:
      A Materiality Correct Answer Incorrect Answer
      B Consistency Correct Answer Incorrect Answer
      C Going Concern Correct Answer Incorrect Answer
      D Accrual Correct Answer Incorrect Answer
      E Prudence Correct Answer Incorrect Answer

      Solution

      The Going Concern Concept assumes that the entity has neither the intention nor the necessity to liquidate or curtail materially the scale of its operations in the near future.

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