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प्रश्न
Name any four concepts of GAAP.
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उत्तर
Four concepts of GAAP are as follows:
- The Business Entity Concept
- The Going Concern Concept
- The Money Measurement Concept
- The Accounting Period Concept
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संबंधित प्रश्न
Explain the Money Measurement Concept.
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.
According to Business Entity Concept:
"Firms live forever." Explain with reference to the concept of accounting.
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
Explain matching principle of accounting.
Write short note on the going concern concept.
Explain the complete disclosure principle.
