Question
Valuing inventory at cost or net realizable value is
based on which principle?Solution
Explanation: 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.
In a mixture 'P', the ratio of milk to water is 7:5. In another mixture 'Q', the ratio is 1:2. If 72 litres of P and 54 litres of Q are mixed, find the ...
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The speed of the boat A and B in still water are in the ratio 15:13. The speed of the current for both boats is 16 km/hr. If the sum of time taken by bo...
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Rs. 18,000 is divided among 'X', 'Y', and 'Z' such that one-fourth of X’s share is equal to 20% of Y’s share which is equal to one-sixth of Z’s sh...
In a group of 800 participants planning a community event, some opted for the role of organizers in a Science Fair, while others chose to organize a Tal...
In a T20 match, the total runs scored by five batsmen is 400. The ratio of runs scored by Williamson to Taylor is 11:9. If 2/5th of the total runs are s...
The total number of students to the total number of teachers in Universities A and B is in the ratio 25:4. Additionally, the number of teachers in Univ...The ratio between two numbers is 7:8. If each number is increased by 9, the ratio between then become 10:11, find the difference between numbers.
