NCEA Level 2 Accounting Practice Questions - NCEA Level 2 Accounting (NZQA Assessment Standards 91174, 91176, 91177) Exam

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The assumption that a business entity will continue operating for the foreseeable future and will not be forced to liquidate or cease trading is called:

Periodicity concept Historical Cost concept Going Concern concept Accrual Basis concept

Correct Answer:

Going Concern concept

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