Going Concern Assumption

Enterprise is normally viewed as a going concern, i.e. continuing in operation for the foreseeable future.Due to this:-

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(i)Â Assets are classified as current assets and fixed assets.
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(ii)Â Liabilities are classified as short-term liabilities and longâ€“term liabilities
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If this assumption is followed, this fact need not be In case this assumption is not followed, the fact should be disclosed in the financial statement together with reasons.for not bering followed.