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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.
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संबंधित प्रश्न
GAAP stands for ______.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
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, cost of a particular period should be charged from the revenue of same period only.
“Accounts should disclose all material information” (with reference to the concept of accounting). Justify either for or against by giving two reasons.
Explain any two basic concepts of accounting.
Explain the Dual Aspect Principle.
Explain Accounting Period Concept.
Explain the expense principle.
Explain the principle of consistency.
