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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
Justify the following:
Every transaction is recorded in at least three accounts.
Accounting principles are necessary due to which of the following reasons?
According to this principle, accounts should be prepared in such a way that all the material information required by users of financial statements is clearly disclosed.
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.
“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.
"Every transaction affects at least three accounts." Comment.
Explain matching principle of accounting.
Name any four concepts of GAAP.
