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The accounting concept that states that an asset should be valued at "Lower of net realizable value" or "Fair value" is the Conservatism concept, also known as the Prudence concept. This concept requires that a cautious approach should be taken in the face of uncertainty, and that losses and expenses should be recognized when they are probable, while gains and revenues should be recognized only when they are certain. In the case of an asset, if the asset's carrying value on the balance sheet exceeds its net realizable value or fair value, the asset must be written down to the lower value. For example, if a company has inventory that has a carrying value of $10,000, but its net realizable value is only $8,000, the company must write down the inventory to $8,000, as per the Conservatism concept. This ensures that the company recognizes the potential loss in value of the inventory, even if it has not yet been sold.
Find the missing number in the series given below.
2, 6, 30, 210, ?, 30030
Six students are sitting around a circular table facing the centre. Puneet is sitting between Iqbal and Aman. Joya is sitting at the second place to the...
There are six friends Farhan, Anand, Chand, Sanjay, Maher, and Zaman each of different weight, 45, 56, 71, 65, 58 and 48 (all in kg) but not necessarily...
In a certain code language, 'COURT' is coded as OCRTR and 'JUDGE' is coded as UJAEG. How will 'ORDER' be coded in the same language?
In the following question, select the figure which can be placed at the sign of question mark (?) from the given alternatives.
Select the correct combination of mathematical signs to replace * signs and to balance the given equation:
72 * 144 * 72 * 6 * 40 * 110
Select the option that is related to the fifth number in the same way as the second number is related to the first number and the fourth number is relat...
Statements:
1) All breads are cakes.
2) Some cakes are pastries.
3) All pastries are toffees.
Conclusions:
I. All...
Statements:
Amit is a good fielder.
All fielders have big hands.
Conclusions:
I. All people with big hands are field...
If '+' means '×', '×' means '–', '–' means '÷' and '÷' means '+', then what will come in place of the (?) in the following equation?
9 + ...