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    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

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