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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.
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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.
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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.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
According to this principle, accounts should be prepared in such a way that all the material information required by users of financial statements is clearly disclosed.
According to this principle, revenue is deemed to be realised when the goods have been transferred or the services have been rendered to a customer.
Name the basic principles of accounting.
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
Explain 'Matching Concept' of GAAP.
"Fixed assets should be valued at the market price." Comment.
"Every transaction affects at least three accounts." Comment.
Name any four concepts of GAAP.
