Question

closing stock is valued at lower of cost or net realizable value (market value) because of:
a) accural concept
b) going concern concept
c) prudence concept
d) none of these​

Answer 1

Answer:

The answer is-

c) Prudence concept

hope it helps

Answer 2

Answer:

The correct answer is option B because according to this principle do not anticipate profit but provide for all possible losses.So closing stock is always valued at lower of cost or NRV. This discussion on Closing stock is valued at lower of cost or market price.