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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
What does GAAP stand for in Accounting?
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, revenue is deemed to be realised when the goods have been transferred or the services have been rendered to a customer.
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"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Explain any two basic concepts of accounting.
Explain the expense principle.
Explain the principle of consistency.
