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प्रश्न
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
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उत्तर
- Accounting records are viewed by different interested parties, and creditors are one of them. Creditors are those persons who supply goods, on credit to the organisation. Their payment are usually made after two or three months.
- They want to know the time lag to convert raw material (purchase) into finished goods (sales) and, whether the business makes cash or credit sales. In short, their interest is in knowing whether they will get the payment on the due date.
संबंधित प्रश्न
What does GAAP stand for in Accounting?
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
This principle suggests that every debit has a corresponding and equal credit.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
"Firms live forever." Explain with reference to the concept of accounting.
Name the basic principles of accounting.
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
Explain 'Matching Concept' of GAAP.
Explain The Dual Aspect Principle.
Write short note on the going concern concept.
