Advertisements
Advertisements
प्रश्न
"Fixed assets should be valued at the market price." Comment.
Advertisements
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.
APPEARS IN
संबंधित प्रश्न
What does GAAP stand for in Accounting?
GAAP stands for ______.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
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.
According to this principle, revenue is deemed to be realised when the goods have been transferred or the services have been rendered to a customer.
According to Business Entity Concept:
“Firms live forever.” Explain with reference to the concept of accounting.
Explain the money measurement principle of accounting.
Explain the expense principle.
Name any four concepts of GAAP.
