A going concern is a business that is assumed will meet its financial obligations when they fall due. It functions without the threat of liquidation for the foreseeable future, which is usually regarded as at least the next 12 months or the specified accounting period.

What going concern means?

Going concern is an accounting term for a company that has the resources needed to continue operating indefinitely until it provides evidence to the contrary. ... If a business is not a going concern, it means it's gone bankrupt and its assets were liquidated.

Is a going concern good or bad?

Is a going concern good or bad? A going concern is considered good for the time being. It means your business is facing financial distress but is still able to make payments to keep it operating.