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प्रश्न
The retirement of manager of the company cannot be recorded in the book of accounts, because it is not possible to estimate the financial effect of retirement. Which accounting principle would be applicable for the above statement?
पर्याय
The Going Concern Concept
The Business Entity Concept
Money Measurement Concept
The Dual Aspect Concept
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उत्तर
Money Measurement Concept
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संबंधित प्रश्न
Explain the Business Entity Concept.
Justify the following:
Every transaction is recorded in at least three accounts.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
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.
Name the basic principles of accounting.
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
Discuss in brief the basic principles of accounting.
"Fixed assets should be valued at the market price." Comment.
Explain Accounting Period Concept.
