What is meant by going concern concept of Accounting.

The Going Concern Concept assumes that the business will continue to exist for an indefinite period of time in the future. Transactions are recorded on the assumption that there is neither the intention nor the necessity to wind up the business affairs in the near future. Because of this assumption, fixed assets are recorded at their original cost less depreciation rather than at market value, a distinction is made between capital and revenue expenditure, existing liabilities are assumed to be paid at maturity, and unsold stock is carried forward to the next year. This concept also enables outsiders to enter into long-term contracts with the firm.