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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.
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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.
Justify the following:
Every transaction is recorded in at least three accounts.
______ is the language of business.
This concept assumes that the business will continue to exist for a long time in the future.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
What is business entity concept 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.
"Fixed assets should be valued at the market price." Comment.
Explain any two basic concepts of accounting.
Explain the realisation principle.
