Accounting policy for inventories of Xeta Enterprises states that inventories are valued at the lower of cost determined on weighted average basis or net realizable value. Which accounting principle is followed in adopting the above policy?
The principle of prudence requires that when making accounting estimates or determining the value of assets or liabilities, a degree of caution should be exercised. This means that potential losses should be recognized in the financial statements, even if they have not yet occurred, while potential gains should only be recognized when they are realized. In the case of inventories, the principle of prudence suggests that inventories should be valued at the lower of cost or net realizable value to ensure that the carrying amount of inventories in the financial statements is not overstated.
Agriculture, Irrigation and Power Projects were given highest priority in which among the following plans?
During the process of photorespiration which one of these are synthesized
Triazines in soil are degraded by:
Fresh water fishes which have a great food value are :
When variable cost is zero, the total cost will be?
I. Equal to variable cost
II. Equal to fixed cost
III. Equal to average variable cost
Which of the following is not tested under the SHC scheme
Wh at is India's rank in the global groundnut production?
‘Crop logging’ is a method of:
Active soil forming factors would include:
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