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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
Justify the following:
Every transaction is recorded in at least three accounts.
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?
Define the term GAAP.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
"Every transaction affects at least three accounts." Comment.
Explain the money measurement principle of accounting.
Explain matching principle of accounting.
Explain the revenue principle.
Explain the expense principle.
