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प्रश्न
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.
पर्याय
Matching principle
Principle of full disclosure
Dual aspect principle
Realisation concept
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उत्तर
Principle of full disclosure
Explanation:
The principle of full disclosure requires that all material information that could influence the decision-making of financial statement users be fully and clearly disclosed. This ensures transparency and allows stakeholders to make informed decisions based on complete and accurate information.
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संबंधित प्रश्न
Explain the concept of The Dual Aspect Principle.
Define the term GAAP.
Accounting principles are necessary due to which of the following reasons?
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
According to Business Entity Concept:
“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.
Explain the money measurement principle of accounting.
