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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.
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?
Explain the concept of The Dual Aspect Principle.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
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.
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
"Fixed assets should be valued at the market price." Comment.
Explain Accounting Period Concept.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the complete disclosure principle.
