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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
According to the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
Justify the following:
Every transaction is recorded in at least three accounts.
Explain the need for GAAP for accounting.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
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.
What is business entity concept of accounting?
Explain 'Matching Concept' of GAAP.
"Every transaction affects at least three accounts." Comment.
Write short note on the going concern concept.
Explain the realisation principle.
