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      Question

      Using 'lower of cost and net realisable value' for the

      purpose of inventory valuation is the implementation of which of the following concepts?
      A The going concern concept Correct Answer Incorrect Answer
      B The separate entity concept Correct Answer Incorrect Answer
      C The prudence concept Correct Answer Incorrect Answer
      D Matching concept Correct Answer Incorrect Answer

      Solution

      The correct answer is C

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