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प्रश्न
"The principle of full disclosure and principle of materiality are contradictory." Comment.
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उत्तर
The principle of full disclosure requires that accounts must disclose all material facts to stakeholders. The principle of materiality requires that items having insignificant effect need not be disclosed. The two principles are not contradictory because both suggest recording and disclosure of only material facts which can influence decisions of investors.
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संबंधित प्रश्न
Explain the need for GAAP for accounting.
Explain the concept of The Dual Aspect Principle.
Accounting principles are necessary due to which of the following reasons?
This concept assumes that the business will continue to exist for a long time in the future.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
According to Business Entity Concept:
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
"Fixed assets should be valued at the market price." Comment.
Explain Accounting Period Concept.
Explain the realisation principle.
