Question
A company purchased land in 2010 for ₹10 lakh. In
2025, its market value rose to ₹60 lakh. However, the company continues to record it at ₹10 lakh. Which accounting principle justifies this treatment?Solution
Assets are recorded at the original purchase price, not market value, based on the historical cost concept. Unrealized gains are not recognized unless realized through sale.
Match Column I and Column II and choose the correct match from the given choice
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Column (1)
Column (1)
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(A)The Mission launche...
In the following questions two columns are given containing three Sentences/phrases each. In first column, sentences/phrases are A, B and C and in the ...
Match the phrases in Column 1 with the phrases in Column 2.
In each of the following questions, a sentence is given with three blanks. Each question is followed by a table which consists of three columns. You ar...
