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प्रश्न
“Accounts should disclose all material information” (with reference to the concept of accounting). Justify either for or against by giving two reasons.
Accounts should disclose all material information. Give two reasons either for or against.
Justify the following statement either for or against by giving two reasons.
Accounts should disclose all material information,
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उत्तर
For:
Accounts should disclose all material information. The full disclosure principle requires it. Secondly accounts are true and fair when all material information is disclosed.
संबंधित प्रश्न
Define the term GAAP.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
Explain Matching Concept of GAAP.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Write short note on the going concern concept.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the complete disclosure principle.
Explain the principle of consistency.
