Valuation of stock to be made either at its book value or its market value whichever is less” It is stated by which accounting concept? *
1 point
(a) Cost
(b) Money measurement
(c) Objectivity
(d) Prudence
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11
Answer:
B=money measurement
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3
Answer:
Closing stock is the goods that remain unsold at the end of the year. It is valued at Cost price or Realisable Value, whichever is less.
It is based on the principle of Conservatism or prudence, According to which all anticipated losses should be recorded in the books of accounts, but all anticipated or unrealized gains should be ignored.
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