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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
GAAP stands for ______.
Accounting principles are necessary due to which of the following reasons?
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
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.
Explain 'Matching Concept' of GAAP.
Explain Accounting Period Concept.
Explain the complete disclosure principle.
Explain the expense principle.
Name any four concepts of GAAP.
