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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.
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संबंधित प्रश्न
According to the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
What does GAAP stand for in Accounting?
GAAP stands for ______.
This principle suggests that every debit has a corresponding and equal credit.
“Accounts should disclose all material information” (with reference to the concept of accounting). Justify either for or against by giving two reasons.
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 affects at least three accounts." Comment.
Explain the Dual Aspect Principle.
Explain the principle of consistency.
“The principle of full disclosure and principle of materiality are contradictory.” Comment.
