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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
According to the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
Explain the need for GAAP for accounting.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
According to Business Entity Concept:
Explain Matching Concept of GAAP.
"Fixed assets should be valued at the market price." Comment.
"Every transaction affects at least three accounts." Comment.
Explain the Dual Aspect Principle.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the revenue principle.
