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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
Explain the concept of The Dual Aspect Principle.
Define the term GAAP.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
This concept assumes that the business will continue to exist for a long time in the future.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
According to Business Entity Concept:
What is business entity concept 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 the revenue principle.
"The principle of full disclosure and principle of materiality are contradictory." Comment.
