Going concern is one of the assumptions of the financial statement. According to this assumption, the entity is expected to run its business for the foreseeable future. Hence the financial statements are prepared assuming that the business will run at least for the next financial statement. To indicate: The four steps in evaluation of going concern.

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Chapter 17, Problem 17.9RQ

To determine

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Going concern is one of the assumptions of the financial statement. According to this assumption, the entity is expected to run its business for the foreseeable future. Hence the financial statements are prepared assuming that the business will run at least for the next financial statement.

To indicate:The four steps in evaluation of going concern.

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