Conservatism principle states that Record for the anticipated losses and Expenses. Example-Provision for Doubtful debt - The debtors have not defaulted yet, but if you are anticipating a default in the future, record it as an expense now. Also, Valuation of Inventory is done at Cost or Net Realizable Value, whichever is less.
Statement: Large IT services companies are in the process of laying off employees on a scale not seen since the 2008-10 downturn.
I. The IT i...
Statement : The central government has decided to provide skill training to four thousand Indian youth under Pradhan Mantri Kaushal Vikas Yojana.
Consider the following statements:
Assertion (A): The seeds and saplings should be treated with a germicide.
Reason (R): The seeds and ...
Statement : The mutual fund market is growing at more than 30% in terms of new assets under management.
I . People are slowly moving from ...
Statement: The poor identification of vulnerable low lying areas was one of the many factors that led to the massive floods.
Assumption I:...
Statement : For the first time in decades, the Mysuru Zoo will receive a new species of wildlife to mark its 125th Anniversary.
I. ...
Statement:
I: Heavy snowfall is expected at Pyeong Chang in South Korea during the winter season.
II: The Pyeong Chang 2018 winter Olym...
Statement : With all earlier attempts to prevent waste and debris dumping into lakes and catch the culprits having failed, the City Corporation has no...
Statement : As a protest, hundreds of farmers headed to the City centre seeking a permanent solution to their water woes.
Assumptions:
<...Statement: India’s “Power-for all”plan is facing a challenge as states such as Bihar, Uttar Pradesh, Jharkhand, West Bengal and Odisha have ind...
