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Back Which statement accurately defines the going concept? A . It is assumed that the business will continue in operational existence for the foreseeable future.

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Which statement accurately defines the going concept?

.

It is assumed that the business will continue in operational existence for the foreseeable future.

.

It is assumed that the business does not intend to continue its operation for much longer.

.

Income should only be recognised when received.

.

The accountant is concerned that the business may be going into liquidation.

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