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प्रश्न
"Firms live forever." Explain with reference to the concept of accounting.
"Firms live for always" (with reference to the concept of accounting). Comment
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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.
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.
What does GAAP stand for in Accounting?
The retirement of manager of the company cannot be recorded in the book of accounts, because it is not possible to estimate the financial effect of retirement. Which accounting principle would be applicable for the above statement?
According to Business Entity Concept:
What is meant by going concern concept of Accounting.
Name the basic principles of accounting.
With reference to the concept of accounting only those transactions are recorded in accounts which can be expressed in terms of money. Justify either for or against.
Explain any two basic concepts of accounting.
Explain Accounting Period Concept.
Explain the revenue principle.
