Asked by Vellanira Macado on May 08, 2024
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The continuity assumption states that a business will continue to operate into the foreseeable future.
Continuity Assumption
A fundamental accounting principle assuming that a business will continue to operate indefinitely, maintaining its financial and operational policies without the intention or necessity of liquidation.
Foreseeable Future
A term used in planning and forecasting to describe the time period over which future events can be reliably predicted.
- Grasping the foundational principles of accounting, such as the continuity assumption, dual effects concept, and monetary unit assumption.
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Learning Objectives
- Grasping the foundational principles of accounting, such as the continuity assumption, dual effects concept, and monetary unit assumption.
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