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प्रश्न
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
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उत्तर
It depends on the 'business entity concept.' According to this concept, a business and a businessperson are treated as two different identities and hence the capital contributed by the owner of the business is treated as liability from the point of view of the business.
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संबंधित प्रश्न
Explain the need for GAAP for accounting.
Explain the concept of The Dual Aspect Principle.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
According to Business Entity Concept:
Name the basic principles of accounting.
Discuss in brief the basic principles of accounting.
Explain the money measurement principle of accounting.
Explain Accounting Period Concept.
Explain the complete disclosure principle.
Explain the revenue principle.
