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प्रश्न
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
विकल्प
Money measurement concept
Accounting period concept
Business entity concept
Realisation concept
उत्तर
Business entity concept
Explanation:
According to the business entity concept, a business is treated as a separate and distinct unit from its owners. This means that the business's financial transactions are recorded separately from the personal transactions of the owners. This concept ensures clarity and accuracy in financial reporting by keeping the business's financial activities distinct from those of its owners.
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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.
What does GAAP stand for in Accounting?
Explain the concept of The Dual Aspect Principle.
GAAP stands for ______.
This principle suggests that every debit has a corresponding and equal credit.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
Name the basic principles of accounting.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
Explain the realisation principle.
Explain the principle of consistency.
