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प्रश्न
"Firms live forever." Explain with reference to the concept of accounting.
"Firms live for always" (with reference to the concept of accounting). Comment
उत्तर
Accounts of a firm are prepared on the assumption that the firm will exist forever. It is known as the 'going concern' concept of accounting.
संबंधित 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?
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.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Explain Accounting Period Concept.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the complete disclosure principle.
Explain the revenue principle.
Explain the realisation principle.
