The business entity will continue operations?

Question

its all about basic accounting

Answer 1

what's your question?

Answer 2

I will try to guess your question.

Yes, in Accounting it is presumed that the business will continue operations in the future (going concern).

Answer 3

Thats the Going COncern concept which says that the business will continue operations in the foreseeable future. Note the important thing is "foreseeable future" that is the amount of time you can genuinely predict. It does not mean eternity.

Business entity concept is different. It means that business exists as a domain outside the owners. That it is a separate entity of its own and so the personal incomes and expenses of the owners should be mingled in the business expenses.

TW K