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?
Explain the concept of The Dual Aspect Principle.
According to Business Entity Concept:
“Accounts should disclose all material information” (with reference to the concept of accounting). Justify either for or against by giving two reasons.
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.
“Every transaction has two effects.” (with reference to the concept of Accounting). Give a reason either for or against.
Explain the money measurement principle of accounting.
Write short note on the going concern concept.
Explain the realisation principle.
Name any four concepts of GAAP.
