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प्रश्न
"Fixed assets should be valued at the market price." Comment.
उत्तर
The statement is wrong. The fixed assets should be valued at cost less depreciation. Fixed assets should not be valued at market price because they are not meant for resale.
संबंधित प्रश्न
Justify the following:
Every transaction is recorded in at least three accounts.
Explain the need for GAAP for accounting.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
According to this principle, revenue is deemed to be realised when the goods have been transferred or the services have been rendered to a customer.
What is business entity concept of accounting?
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
Explain the money measurement principle of accounting.
Explain Accounting Period Concept.
Write short note on Going Concern Concept.
