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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
Justify the following:
Every transaction is recorded in at least three accounts.
The retirement of manager of the company cannot be recorded in the book of accounts, because it is not possible to estimate the financial effect of retirement. Which accounting principle would be applicable for the above statement?
This principle suggests that every debit has a corresponding and equal credit.
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
Explain 'Matching Concept' of GAAP.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
"Fixed assets should be valued at the market price." Comment.
Explain matching principle of accounting.
Explain Accounting Period Concept.
