The correct statement regarding the going concern concept is:
b) The going concern concept assumes that the business will continue for the foreseeable future.
The going concern concept is fundamental in accounting, suggesting that a business will remain in operation long enough to carry out its objectives and commitments. This assumption allows businesses to prepare their financial statements on that basis, without the need to liquidate assets or settle liabilities immediately. It does not imply that failure is impossible, but rather that it is not expected in the near term. This principle is crucial for financial reporting, as it affects asset valuations and the treatment of liabilities.