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प्रश्न
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
उत्तर
It depends on the 'business entity concept.' According to this concept, a business and a businessperson are treated as two different identities and hence the capital contributed by the owner of the business is treated as liability from the point of view of the business.
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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 Money Measurement Concept.
______ is the language of business.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
Name the basic principles of accounting.
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.
Explain 'Matching Concept' of GAAP.
Explain The Dual Aspect Principle.
Explain the realisation principle.
