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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
Justify the following:
Every transaction is recorded in at least three accounts.
Explain the concept of The Dual Aspect Principle.
Define the term GAAP.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
Name the basic principles of accounting.
“Accounts should disclose all material information” (with reference to the concept of accounting). Justify either for or against by giving two reasons.
Discuss in brief the basic principles of accounting.
Explain Accounting Period Concept.
Write short note on the going concern concept.
Explain the expense principle.
