Advertisements
Advertisements
प्रश्न
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Advertisements
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
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
According to Business Entity Concept:
"Firms live forever." Explain with reference to the concept of accounting.
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
Discuss in brief the basic principles of accounting.
"Every transaction affects at least three accounts." Comment.
Write short note on the going concern concept.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the realisation principle.
