In financial statement the stock is valued at cost or market price whichever is less on the basis of...........

General Accounting Principles Introduction to Accounting

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In financial statement the stock is valued at cost or market price whichever is less on the basis of…............

Accounting concepts

Accounting conventions

Accounting principles

None

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Explanation:

Accounting is based on certain concepts and conventions. One of the convention 'conservatism " defines that firm should make a provision for all future losses while making the financial statement. On this concept only, stocks are valued at cost or market price whichever is lower.