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प्रश्न
“Accounts should disclose all material information” (with reference to the concept of accounting). Justify either for or against by giving two reasons.
Accounts should disclose all material information. Give two reasons either for or against.
Justify the following statement either for or against by giving two reasons.
Accounts should disclose all material information,
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उत्तर
For:
Accounts should disclose all material information. The full disclosure principle requires it. Secondly accounts are true and fair when all material information is disclosed.
संबंधित प्रश्न
Justify the following:
Every transaction is recorded in at least three accounts.
Define the term GAAP.
Accounting principles are necessary due to which of the following reasons?
This concept assumes that the business will continue to exist for a long time in the future.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
“Firms live forever.” Explain with reference to the concept of accounting.
"Every transaction affects at least three accounts." Comment.
Explain matching principle of accounting.
Explain Accounting Period Concept.
Explain the principle of consistency.
