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Will a business have an indefinite life unless it is likely to be sold or liquidated in the near future according to cost concept?
Wiki User
∙ 12y ago
Yes it does. With systems in place it's can go on when there is training of the staff and recruitment is done right. There will be an employee wanting to run it
Wiki User
∙ 12y ago
No, the cost concept does not dictate the lifespan of a business. Instead, it focuses on the historical cost of acquiring assets and the principle of conservatism in financial reporting. The longevity of a business is determined by various factors such as its profitability, market conditions, and management decisions, rather than the cost concept.
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