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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
Explain the Business Entity Concept.
Explain the need for GAAP for accounting.
Define the term GAAP.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
What is business entity concept of accounting?
"Every transaction affects at least three accounts." Comment.
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Explain Accounting Period Concept.
Explain the complete disclosure principle.
Explain the realisation principle.
