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
Explain the need for GAAP for accounting.
This concept assumes that the business will continue to exist for a long time in the future.
This principle suggests that every debit has a corresponding and equal credit.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
“Every transaction has two effects.” (with reference to the concept of Accounting). Give a reason either for or against.
Explain Accounting Period Concept.
Explain the complete disclosure principle.
Explain the revenue principle.
Explain the realisation principle.
Name any four concepts of GAAP.
