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प्रश्न
Name any four concepts of GAAP.
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उत्तर
Four concepts of GAAP are as follows:
- The Business Entity Concept
- The Going Concern Concept
- The Money Measurement Concept
- The Accounting Period Concept
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Generally Accepted Accounting Principles (GAAP)
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संबंधित प्रश्न
Explain the Business Entity Concept.
Justify the following:
Every transaction is recorded in at least three accounts.
GAAP stands for ______.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
"Firms live forever." Explain with reference to the concept of accounting.
"Fixed assets should be valued at the market price." Comment.
Explain the money measurement principle of accounting.
Explain matching principle of accounting.
Explain the realisation principle.
