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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 Business Entity Concept.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
This principle suggests that every debit has a corresponding and equal credit.
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.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
Explain 'Matching Concept' of GAAP.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
Explain any two basic concepts of accounting.
Name any four concepts of GAAP.
