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प्रश्न
According to the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
पर्याय
Business Entity Concept
Dual Aspect
Going Concern Concept
Money Measurement Concept
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उत्तर
According to the Going Concern Concept Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
Explanation:
According to the going concern notion, it is believed that the company will continue to operate indefinitely, and this belief is also reflected in the way that transactions are documented.
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संबंधित प्रश्न
Explain the concept of The Dual Aspect Principle.
GAAP stands for ______.
Accounting principles are necessary due to which of the following reasons?
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
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, cost of a particular period should be charged from the revenue of same period only.
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.
"Firms live forever." Explain with reference to the concept of accounting.
Explain Accounting Period Concept.
Explain the expense principle.
