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Small cpt accounts doubt?

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Student CA CPT
37 Points Posted on 11 February 2015
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. ..
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On 11 February 2015 at 20:08 Report
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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.
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On 11 February 2015 at 21:01
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Student CA CPT
37 Points Posted on 11 February 2015
Thanks. .thats what I was thinking but was confused. .
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On 11 February 2015 at 22:12
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27 Points Posted on 27 September 2015

a. conservatism should be the answer

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On 27 September 2015 at 13:30


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