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प्रश्न
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
पर्याय
Money measurement concept
Accounting period concept
Business entity concept
Realisation concept
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उत्तर
Accounting period concept
Explanation:
The accounting period concept requires financial statements to be prepared at regular intervals, typically one year. This concept allows businesses to report their financial performance and position periodically, making it easier for stakeholders to assess the company's progress and make informed decisions.
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संबंधित प्रश्न
Explain the need for GAAP for 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?
Explain the concept of The Dual Aspect Principle.
Define the term GAAP.
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
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.
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
Explain any two basic concepts of accounting.
Explain the complete disclosure principle.
