GOING CONCERN CONCEPT Definition

GOING CONCERN CONCEPT is the underlying assumption that any accountant makes when he prepares a set of accounts. That the business under consideration will remain in existence for the foreseeable future.

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OPEN REPURCHASE AGREEMENT is a repurchase agreement with no set maturity date and often a rate of return that fluctuates on a daily basis, depending on market rates. The yield on this type of investment is higher than on a daily repurchase agreement because the agreement often runs several days and the dealer usually requires some short notice before the investor can withdraw funds.

FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) is a professional organization which develops accounting principles.

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