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      Question

      If a long-term investment suffers a permanent decline in

      value, how should it be accounted for under AS 13?
      A The investment should be reclassified as a short-term investment. Correct Answer Incorrect Answer
      B The loss should be ignored. Correct Answer Incorrect Answer
      C The carrying amount should be reduced and charged to the Profit and Loss Account Correct Answer Incorrect Answer
      D The loss should be adjusted against retained earnings. Correct Answer Incorrect Answer

      Solution

      The correct answer is C

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