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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.
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संबंधित प्रश्न
Explain the Business Entity Concept.
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?
Explain the concept of The Dual Aspect Principle.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
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.
"Firms live forever." Explain with reference to the concept of accounting.
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
Explain 'Matching Concept' of GAAP.
Explain the money measurement principle of accounting.
Write short note on the going concern concept.
