As per which accounting concept an asset should be valued at ‘Lower of net realizable value’ or ‘Fair value’ ?
The accounting concept that states that an asset should be valued at "Lower of net realizable value" or "Fair value" is the Conservatism concept, also known as the Prudence concept. This concept requires that a cautious approach should be taken in the face of uncertainty, and that losses and expenses should be recognized when they are probable, while gains and revenues should be recognized only when they are certain. In the case of an asset, if the asset's carrying value on the balance sheet exceeds its net realizable value or fair value, the asset must be written down to the lower value. For example, if a company has inventory that has a carrying value of $10,000, but its net realizable value is only $8,000, the company must write down the inventory to $8,000, as per the Conservatism concept. This ensures that the company recognizes the potential loss in value of the inventory, even if it has not yet been sold.
In a computer system, _________ is a group of servers and other resources that act like a single system and enable high availability
The bubbles in a bubble memory pack are created with the help of
Which are the input devices that enable direct data entry into a computer system from source documents?
Given below are two statements
Statement I: Cache memory is faster than random access memory
Statement II: Random access mem...
The portion of the operating system that resides in memory is known as:
A device connecting to a network without cables is known as:
Which of the Following is not a non-impact printer?
From the set of candidate keys after selecting one of the keys as primary key, all other remaining keys are known as.
Which of the following networks is generally formed in a computer lab, where multiple computers are connected through a switch and wired cable to share ...
Holding the mouse button down while moving an object or text is known as __