Question

Under the going concern​ principle, accountants must provide proof that the business will remain in operations long enough to use existing resources for their intended purpose. T/F

Answer 1

Answer:

The correct answer is True.

Explanation:

The ongoing business is an accounting term for a company with the necessary resources to continue operating without the threat of a liquidation in the foreseeable future, generally considered as at least within twelve months. It implies for the business the declaration of intention to continue with its activities at least during the next year.