Solved

Inventory Has a Cost of $475 000 and a Current

Question 40

Multiple Choice

Inventory has a cost of $475 000 and a current selling price of $435 000.What amount should be reported on the financial statements and what concept or principle applies?


A) $435 000,conservatism
B) $435 000,going concern
C) $475 000,going concern
D) $475 000,cost

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q35: Which of the following parties is NOT

Q36: In most businesses,profit is recognised at the

Q37: Accounting principles:<br>A)should be accepted by people and

Q38: Which of the following is not a

Q39: According to the IASB and adopted by

Q41: AASB stands for Australian Accounting Standards Board.

Q42: Table 17-1<br> In 2016, a developer

Q43: The authority responsible for enforcing accounting and

Q44: AASB 101 requires a summary of significant

Q45: Table 17-1<br> In 2016, a developer