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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
According to the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
Explain the need for GAAP for accounting.
Define the term GAAP.
GAAP stands for ______.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
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.
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
"Every transaction affects at least three accounts." Comment.
Explain the revenue principle.
