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प्रश्न
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
दीर्घउत्तर
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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.
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Generally Accepted Accounting Principles (GAAP)
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संबंधित प्रश्न
Explain the Money Measurement Concept.
Explain the need for GAAP for accounting.
Explain the concept of The Dual Aspect Principle.
Define the term GAAP.
GAAP stands for ______.
This principle suggests that every debit has a corresponding and equal credit.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
Explain the Dual Aspect Principle.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Name any four concepts of GAAP.
