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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
Explain the Money Measurement 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 principle, cost of a particular period should be charged from the revenue of same period only.
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
Discuss in brief the basic principles of accounting.
Explain the expense principle.
Explain the realisation principle.
"The principle of full disclosure and principle of materiality are contradictory." Comment.
