Question
Valuing inventory at cost or net realizable value is
based on which principle?Solution
According to the Conservatism (Prudence) principle, expected losses should be recorded but gains should not. Hence, inventory is valued at lower of cost or net realizable value to avoid overstating assets.
How is Y related to W?
Which of the following combinations of person is not a married couple?
How is uncle of S related to N?
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There are eight persons D, E, F, G, I, J, K and L, in a family, where there is no si...
Introducing a lady to her wife, a man said, “Her sister’s mother is the only daughter of my grandmother.” How is the man related to this lady?  <...
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Nine persons F, G, H, I, J, K, L, M, and N belong to a family of two generations. No...
A is the sister of B. C is the mother of D, who is the brother of B. C married to E. How is B related to E?
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Seven persons (S, T, U, V, W, Y and Z) belong to a family of three generations. No s...
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There are nine members i.e., L, M, N, O, P, Q, R, S and T in a family of three gen...
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There are eight family members L, M, N, O, P, Q, R and S having two married couples ...
