Advertisements
Advertisements
प्रश्न
“Firms live forever.” Explain with reference to the concept of accounting.
"Firms live for always" (with reference to the concept of accounting). Comment
Advertisements
उत्तर
Accounts of a firm are prepared on the assumption that the firm will exist forever. It is known as the 'going concern' concept of accounting.
APPEARS IN
संबंधित प्रश्न
Justify the following:
Every transaction is recorded in at least three accounts.
Define the term GAAP.
Accounting principles are necessary due to which of the following reasons?
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.
What is meant by going concern concept of Accounting.
Explain the Dual Aspect Principle.
Explain the expense principle.
Name any four concepts of GAAP.
“The principle of full disclosure and principle of materiality are contradictory.” Comment.
