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प्रश्न
"Firms live forever." Explain with reference to the concept of accounting.
"Firms live for always" (with reference to the concept of accounting). Comment
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उत्तर
Accounts of a firm are prepared on the assumption that the firm will exist forever. It is known as the 'going concern' concept of accounting.
संबंधित प्रश्न
What does GAAP stand for in Accounting?
Justify the following:
Every transaction is recorded in at least three accounts.
Accounting principles are necessary due to which of the following reasons?
What is meant by going concern concept of Accounting.
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Explain the money measurement principle of accounting.
Explain any two basic concepts of accounting.
Explain the complete disclosure principle.
Name any four concepts of GAAP.
