Final answer:
The assumption in question is known as the Going Concern Principle, which is a basic accounting premise that assumes a company will continue to operate in the foreseeable future.
Step-by-step explanation:
The assumption that a business will continue to exist for the foreseeable future is known as the Going Concern Principle. This principle is a fundamental concept in accounting that assumes a company will continue to operate and not go bankrupt or be liquidated in the near future. It allows for the deferral of recognition of certain expenses until future periods, on the basis that the company will still be around to incur those expenses. This is in contrast to a business that is being liquidated, where assets should be reported at their net realizable value.