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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
Explain the need for GAAP for accounting.
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.
What is meant by going concern concept of Accounting.
With reference to the concept of accounting only those transactions are recorded in accounts which can be expressed in terms of money. Justify either for or against.
“Every transaction has two effects.” (with reference to the concept of Accounting). Give a reason either for or against.
Discuss in brief the basic principles of accounting.
"Fixed assets should be valued at the market price." Comment.
Explain any two basic concepts of accounting.
Explain the expense principle.
“The principle of full disclosure and principle of materiality are contradictory.” Comment.
