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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
Justify the following:
Every transaction is recorded in at least three accounts.
Explain the need for GAAP for accounting.
GAAP stands for ______.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
This concept assumes that the business will continue to exist for a long time in the future.
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.
What is business entity concept of accounting?
Explain matching principle of accounting.
Write short note on the going concern concept.
Why are Generally Accepted Accounting Principles (GAAP) needed?
