Advertisements
Advertisements
प्रश्न
"The principle of full disclosure and principle of materiality are contradictory." Comment.
Advertisements
उत्तर
The principle of full disclosure requires that accounts must disclose all material facts to stakeholders. The principle of materiality requires that items having insignificant effect need not be disclosed. The two principles are not contradictory because both suggest recording and disclosure of only material facts which can influence decisions of investors.
APPEARS IN
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.
Explain the Money Measurement Concept.
GAAP stands for ______.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
This principle suggests that every debit has a corresponding and equal credit.
Name the basic principles of accounting.
Explain 'Matching Concept' of GAAP.
"Every transaction affects at least three accounts." Comment.
Explain the money measurement principle of accounting.
Explain The Dual Aspect Principle.
