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प्रश्न
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
विकल्प
Money measurement concept
Accounting period concept
Business entity concept
Realisation concept
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उत्तर
Business entity concept
Explanation:
According to the business entity concept, a business is treated as a separate and distinct unit from its owners. This means that the business's financial transactions are recorded separately from the personal transactions of the owners. This concept ensures clarity and accuracy in financial reporting by keeping the business's financial activities distinct from those of its owners.
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संबंधित प्रश्न
Explain the concept of The Dual Aspect Principle.
Accounting principles are necessary due to which of the following reasons?
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
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.
What is meant by going concern concept of Accounting.
With reference to the concept of accounting only those transactions are recorded in accounts which can be expressed in terms of money. Justify either for or against.
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
Explain the money measurement principle of accounting.
Explain the complete disclosure principle.
"The principle of full disclosure and principle of materiality are contradictory." Comment.
