While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as

Related MCQs

• Fixed assets are double the current assets and half the capital. The current assets are Rs.3,00,000 and investments are Rs.4,00,000. Then the current liabilities recorded in balance sheet will be
• The Market price of good declined than the cost price. Then the concept that plays a key role is ____
• If the Market value of closing Inventory is less than its cost price, inventory will he shown at ____
• HO sends goods to branch at invoice price after adding 25% on cost price, so profit would be ___ % of invoice price
• H.O. sent goods to branch at invoice price 50% plus on original price. How many percentage of profit will be on Invoice price?
• All the transactions measurable in the terms of money are recorded in accounts is according to
• Which of the following factor is not considered while selecting accounting policies?
• H.O. has sent goods on invoice price worth Rs 2,40,000 which are 25% above cost price. What is the loading element?
• The adjusting entry for difference between the invoice price and cost price of goods are shown in ________
• The difference between hire purchase price and the cash price is called ______