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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
What does GAAP stand for in Accounting?
Explain the Money Measurement Concept.
Define the term GAAP.
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?
What is meant by going concern concept of Accounting.
Explain the complete disclosure principle.
Explain the expense principle.
Explain the principle of consistency.
