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प्रश्न
Name the basic principles of accounting.
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उत्तर
The basic principles of accounting are given below.
- The Business Entity Concept
- The Going Concern Concept
- Money Measurement Concept
- Accounting Period Concept
- The Matching Principle
- The Dual Aspect Principle
- The Complete Disclosure Principle
- The Revenue Principle
- The Expense Principle
- The Realisation Principle
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संबंधित प्रश्न
What does GAAP stand for in Accounting?
Explain the Money Measurement Concept.
______ is the language of business.
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?
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
"Every transaction affects at least three accounts." Comment.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the revenue principle.
