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प्रश्न
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
पर्याय
Money measurement concept
Accounting period concept
Business entity concept
Realisation concept
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उत्तर
Business entity concept
Explanation:
According to the business entity concept, a business is treated as a separate and distinct unit from its owners. This means that the business's financial transactions are recorded separately from the personal transactions of the owners. This concept ensures clarity and accuracy in financial reporting by keeping the business's financial activities distinct from those of its owners.
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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.
Explain the need for GAAP for accounting.
Explain the concept of The Dual Aspect Principle.
______ is the language of business.
This principle suggests that every debit has a corresponding and equal credit.
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.
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.
Explain 'Matching Concept' of GAAP.
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Explain the realisation principle.
