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accounting concepts

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(Querist)
21 July 2016 on the basis of which accounting principles fixed asset shown in the balance sheet by deducting its depreciation.Is it going concern or historical cost. pls explaim
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Amol S Joglekar

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Amol S Joglekar (Expert)
21 July 2016 it is based on the EXPECTED LIFE of the fixed asset. It is calculated on HISTORICAL cost.....and with the general assumption of GOING concern
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