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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.
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.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
What is meant by going concern concept of Accounting.
Name the basic principles of accounting.
Explain 'Matching Concept' of GAAP.
Explain The Dual Aspect Principle.
Explain the revenue principle.
