Question

Q3) Write Short Notes (Any Two):
a) Going Concern Concept.
b) Advantages of Accounting.
c) Receipts and expenditure Account.
d) Concept of IFRS.​

Answer 1

Explanation:

(a). Going concern is an accounting term for a company that has the resources needed to continue operating indefinitely until it provides evidence to the contrary.

(d). International Financial Reporting Standards (IFRS) set common rules so that financial statements can be consistent, transparent, and comparable around the world. IFRS are issued by the International Accounting Standards Board (IASB).