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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
Explain the concept of The Dual Aspect Principle.
This concept assumes that the business will continue to exist for a long time in the future.
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.
“The capital provided by the owner is a liability of the firm.” Answer with reference to the concept of Accounting.
Discuss in brief the basic principles of accounting.
Explain any two basic concepts of accounting.
Explain the Dual Aspect Principle.
Write short note on the going concern concept.
Explain the complete disclosure principle.
Explain the expense principle.
