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प्रश्न
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
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उत्तर
- Accounting records are viewed by different interested parties, and creditors are one of them. Creditors are those persons who supply goods, on credit to the organisation. Their payment are usually made after two or three months.
- They want to know the time lag to convert raw material (purchase) into finished goods (sales) and, whether the business makes cash or credit sales. In short, their interest is in knowing whether they will get the payment on the due date.
संबंधित प्रश्न
Justify the following:
Every transaction is recorded in at least three accounts.
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.
This concept assumes that the business will continue to exist for a long time in the future.
What is meant by going concern concept of Accounting.
Discuss in brief the basic principles of accounting.
"Fixed assets should be valued at the market price." Comment.
Explain Accounting Period Concept.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the complete disclosure principle.
