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प्रश्न
“The capital provided by the owner is a liability of the firm.” Answer with reference to the concept of Accounting.
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उत्तर
It depends on the 'business entity concept.' According to this concept, a business and a businessperson are treated as two different identities and hence the capital contributed by the owner of the business is treated as liability from the point of view of the business.
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संबंधित प्रश्न
Explain the concept of The Dual Aspect Principle.
Define the term GAAP.
______ is the language of business.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
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.
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.
Discuss in brief the basic principles of accounting.
Write short note on the going concern concept.
Explain the realisation principle.
