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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.
There are two types of animals in a pet shop. Some are puppies and some are kittens. Each kitten takes 8 biscuits and each puppy takes 11 biscuits. If 5...
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Find the third proportion of 24 and 12.
If the 5-digit number 676pq is divisible by 3, 7 and 11, then what is the value of (6p – 7q)?
A waiter income consist of his salary and tips. During one week his tips were 4/5 of his salary. What portion of his income came from tips?
The following dataset represents the examination scores achieved by 10 students:
36, 91, 80, 77, 64, 80, 45, 56, 41, 96
Find the median of...
Find the number of zeros at the end of 78!.
N is the largest two digit number, which when divided by 3, 4 and 6 leaves the remainder 1, 2 and 4 respectively. What is the remainder when N is divid...
Which of the following pairs is NOT coprime?