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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.
The gynoecium occupies the highest position while the other parts are situated below it. Which type of flower is that?
Pungency in radish is due to the presence of
____ is quick growing green manure cum fibre crop.
Which of the following cucurbits is richest in iron content?
Manures are categorised into bulky and concentrated organic manure. An example of Concentrated organic manure is
Living microbes that enhance plant nutrition by either by mobilizing or increasing nutrient availability in soils are termed as ……………………...
In monocotyledonous seeds the outer covering of endosperm separates the embryo by a proteinous layer called as
Which of these green manuring crop is stem nodulating?
The organelle responsible for protein synthesis in plant cells is the:
Anti nutritional factor in mustard seed is