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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?
विकल्प
The Going Concern Concept
The Business Entity Concept
Money Measurement Concept
The Dual Aspect Concept
उत्तर
Money Measurement Concept
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संबंधित प्रश्न
What does GAAP stand for in Accounting?
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
According to Business Entity Concept:
"Firms live forever." Explain with reference to the concept of accounting.
"Fixed assets should be valued at the market price." Comment.
"Every transaction affects at least three accounts." Comment.
Explain the money measurement principle of accounting.
Explain any two basic concepts of accounting.
Write short note on Going Concern Concept.
