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प्रश्न
According to the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
विकल्प
Business Entity Concept
Dual Aspect
Going Concern Concept
Money Measurement Concept
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उत्तर
According to the Going Concern Concept Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
Explanation:
According to the going concern notion, it is believed that the company will continue to operate indefinitely, and this belief is also reflected in the way that transactions are documented.
संबंधित प्रश्न
The retirement of manager of the company cannot be recorded in the book of accounts, because it is not possible to estimate the financial effect of retirement. Which accounting principle would be applicable for the above statement?
Define the term GAAP.
GAAP stands for ______.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
According to this principle, revenue is deemed to be realised when the goods have been transferred or the services have been rendered to a customer.
According to Business Entity Concept:
Discuss in brief the basic principles of accounting.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
Why are Generally Accepted Accounting Principles (GAAP) needed?
“The principle of full disclosure and principle of materiality are contradictory.” Comment.
