The accounting concept which is the basis upon which asse...
The accounting concept which is the basis upon which assets of a business are valued is the
Dual aspect concept
Consistency concept
Accrual concept
Historical concept
Correct answer is D
Historical concept is also known as Cost concept. This cost implies that the accountant determines the value of an asset by reference to the cost of its acquisition and not by the value of returns which are expected to be earned.
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Which of the following is correct about cost of goods sold? ...
A manufacturing company's cost of production was D 200,000. The finished goods were transfe...
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Which of the following is not on debtor's legal control account? ...
The document which is legal charter of a company that defines the limits of a company's field of...