Going concern concept: The Going Concern concept is

The Going Concern concept is a fundamental accounting principle that assumes a business will continue its operations for the foreseeable future. It indicates that the company does not intend or need to liquidate or significantly downsize its operations. The going concern concept is an important accounting principle stating that a business is expected to continue its operations for the foreseeable future. This means the company has no intention or need to liquidate or significantly scale back its activities. The going concern principle is the assumption that an entity will remain in business for the foreseeable future, which justifies the deferral of some expenses. The going concern concept or going concern assumption states that businesses should be treated as if they will continue to operate indefinitely or at least long enough to accomplish their objectives.