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Small cpt accounts doubt?
A businessman purchased goods for 6 lakhs and in d next year the market value of those goods are 5 lakhs but he has not valued closing stock at market price.He has violated the concept of?
a. conservatism
b. cost
reply please. ..
Replies (3)
A. Conservatism should be the ans. It means recognizing exp n liabilities as soon as they're incurred and recognizing revenues only when they are assured of being received.
Thanks. .thats what I was thinking but was confused. .
a. conservatism should be the answer
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