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    5. Valuing closing stock at cost or market value, whichever is lower, is in accordance with which accou

    Question

    Valuing closing stock at cost or market value,

    whichever is lower, is in accordance with which accounting concept?
    A Money Measurement Concept Correct Answer Incorrect Answer
    B Full Disclosure Concept Correct Answer Incorrect Answer
    C Conservatism Concept Correct Answer Incorrect Answer
    D Revenue Recognition (Realization) Concept Correct Answer Incorrect Answer

    Solution

    The correct answer is C

    Practice Next
      More Welfare Economics Questions
    • The process of allocation of scare resources of the farm to organise the farm production is known as: 

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    • The characteristic appearance of damage caused by Eucalyptus gall wasp infestation is?

    • Red colour in tomato is due to 

    • Treatments are applied to silk cocoons to kill the pupae, preventing the emergence of moths and allowing the preservation of silk during long periods. T...

    • The “National Agricultural Innovation Project (NAIP)” launched in 2006 aimed to:

    • The MRP of urea is statutorily fixed by the Government of India and at present it is Rs…………………. for a 50 Kg bag of urea.

      ...
    • Which of the following is not a "direct gene transfer" method:

    • Kew, Queen or Mauritius are varieties of

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