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प्रश्न
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
उत्तर
- Accounting records are viewed by different interested parties, and creditors are one of them. Creditors are those persons who supply goods, on credit to the organisation. Their payment are usually made after two or three months.
- They want to know the time lag to convert raw material (purchase) into finished goods (sales) and, whether the business makes cash or credit sales. In short, their interest is in knowing whether they will get the payment on the due date.
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 Business Entity Concept.
GAAP stands for ______.
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
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.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the realisation principle.
Name any four concepts of GAAP.
