GOING CONCERN CONCEPT Definition

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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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VALIDATE is to a. declare or make legally valid; b. mark with an indication of official sanction; or, c. to establish the soundness of; corroborate.

ORDERLY LIQUIDATION VALUE is the liquidation value at which the asset or assets are sold over a reasonable period of time to maximize proceeds received.

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