Advertisements
Advertisements
प्रश्न
“The capital provided by the owner is a liability of the firm.” Answer with reference to the concept of Accounting.
Advertisements
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.
APPEARS IN
संबंधित प्रश्न
According to the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
What does GAAP stand for in Accounting?
Explain the concept of The Dual Aspect Principle.
Define the term GAAP.
This concept assumes that the business will continue to exist for a long time in the future.
What is meant by going concern concept of Accounting.
Name the basic principles of accounting.
Discuss in brief the basic principles of accounting.
Explain the principle of consistency.
Name any four concepts of GAAP.
