Discovering Accounting Principles & Indian Photojournalists Quiz

Basic Accounting Concepts and Notable Indian Photojournalists

• Generally Accepted Accounting Principles (GAAP) refer to the rules or guidelines adopted for recording and reporting business transactions for uniformity in financial statements.
• Basic Accounting Concepts are fundamental ideas or basic assumptions underlying the theory and practice of financial accounting.
• The Business Entity concept assumes that the business has a distinct and separate entity from its owners.
• The Money Measurement concept states that only transactions expressed in monetary terms should be recorded in the book of accounts.
• The Going Concern concept assumes that a business would continue operations indefinitely and not be liquidated in the near future.
• Accounting Period refers to the time at which financial statements of an enterprise are prepared to determine its profits, losses, assets, and liabilities.
• The Cost Concept requires that all assets be recorded in the book of accounts at their cost price, including acquisition, transportation, installation, and making the asset ready for use.
• The Dual Aspect concept states that every transaction has a dual or two-fold effect on various accounts and should be recorded in two places.
• The Revenue Recognition concept requires that revenue for a business transaction should be considered realized when a legal right to receive it arises.
• Raghu Rai is an Indian photojournalist who started his career in the 1960s and worked for important national newspapers before becoming an independent photographer.
• Henri Cartier Bresson was a French photojournalist who travelled to India in the 1940s and is counted among the best in the world.
• Homai Vyarawalla was an Indian photojournalist whose work was first published in 1938 and documented significant events of the freedom movement and wartime activities in India.