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How is going concern assumption and accounting period
convention related?
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Answer Posted / h.r. sreepada bhagi
Going Concern Concept signifies that the business entity
will remain existence for an unknown future or it's
perennial existence. However it's not possible to ensure
continued existence of a business entity with out
ascertaining the performance result & Assets-Liabilities
status periodically. In order to supplement & strengthen
going concern concept, Accounting period Concept is
relevant. This concept requires closure of Accounts at the
end of each successive accounting period (usually a year
containing 12 months).
This way both the accounting concepts are relevant & related.
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