What do you mean by “going concern concept’?

According to going concern concept, the life of the business is not certain. This concept assumes that the business will continue in operation for as long as possible and will not be dissolved in the immediate future. Under this concept fixed assets are recorded at original cost and are depreciated in a proper manner. While preparing balance sheet, market price of fixed assets are not considered. On the other hand, while preparing income statement, adjustment is made for due expenses, prepaid expenses, accrued incomes and advance incomes with the assumption that the business will continue.