Multiple Choice Questions on Using 39 lower of cost and net realisable value 39 for the purpose of inventory valuation is the imp........... for SEBI Grade A ( Officer) Exam Preparation

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Multiple Choice Questions

Using 39 lower of cost and net realisable value 39 for the purpose of inventory valuation is the imp...........

Accountancy (Phase -I & II) Accounting standards
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    Using 'lower of cost and net realisable value' for the purpose of inventory valuation is the implementation of which of the following concepts?

    The going concern concept

    Incorrect Answer

    The separate entity concept

    Incorrect Answer

    The prudence concept

    Correct Answer

    Matching concept

    Incorrect Answer
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    Explanation:

    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.

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