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प्रश्न
This concept assumes that the business will continue to exist for a long time in the future.
पर्याय
Money measurement concept
Going concern concept
Business entity concept
Realisation concept
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उत्तर
Going concern concept
Explanation:
The going concern concept assumes that a business will continue to operate indefinitely and will not be forced to cease operations or liquidate its assets in the foreseeable future. This concept underlies the preparation of financial statements, allowing for the deferral of certain expenses and the recognition of revenues over multiple periods.
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संबंधित प्रश्न
What does GAAP stand for in Accounting?
GAAP stands for ______.
______ 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.
"Fixed assets should be valued at the market price." Comment.
Write short note on the going concern concept.
Explain the expense principle.
Explain the principle of consistency.
