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Using 'lower of cost and net realizable value' for the purpose of inventory valuation is the implementation of which of the following concept?
The going concern concept
The separate entity concept
The prudence concept
Matching concept
A cash book with cash bank and discount column is commonly referred as The prudence concept. Under the prudence concept, do not overestimate the amount of revenues recognized or underestimate the amount of expenses.
By: santosh ProfileResourcesReport error
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