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प्रश्न
"Fixed assets should be valued at the market price." Comment.
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उत्तर
The statement is wrong. The fixed assets should be valued at cost less depreciation. Fixed assets should not be valued at market price because they are not meant for resale.
संबंधित प्रश्न
Accounting principles are necessary due to which of the following reasons?
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 this principle, accounts should be prepared in such a way that all the material information required by users of financial statements is clearly disclosed.
"Firms live forever." Explain with reference to the concept of accounting.
Explain 'Matching Concept' of GAAP.
Discuss in brief the basic principles of accounting.
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Write short note on the going concern concept.
Explain the expense principle.
