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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
Explain the Business Entity Concept.
Define the term GAAP.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
What is business entity concept of accounting?
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
The capital provided by the owner is a liability of the firm. Answer with reference to the 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.
"Every transaction affects at least three accounts." Comment.
Explain any two basic concepts of accounting.
