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प्रश्न
This concept assumes that the business will continue to exist for a long time in the future.
विकल्प
Money measurement concept
Going concern concept
Business entity concept
Realisation concept
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उत्तर
Going concern concept
Explanation:
The going concern concept assumes that a business will continue to operate indefinitely and will not be forced to cease operations or liquidate its assets in the foreseeable future. This concept underlies the preparation of financial statements, allowing for the deferral of certain expenses and the recognition of revenues over multiple periods.
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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?
Accounting principles are necessary due to which of the following reasons?
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
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.
According to this principle, revenue is deemed to be realised when the goods have been transferred or the services have been rendered to a customer.
“Accounts should disclose all material information” (with reference to the concept of accounting). Justify either for or against by giving two reasons.
Explain Accounting Period Concept.
Explain the complete disclosure principle.
Explain the principle of consistency.
