Class/Course - CA - CPC

Subject - Fundamentals of Accounting

Chapter - Accounting Concepts, Principles and Conventions


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Q.1 A businessman purchased goods for Rs. 25, 00,000 and sold 70% of such goods during the accounting year ended on 31.3.2014. The market value of remaining goods was Rs. 5, 00,000. He valued the closing stock at Rs. 5, 00,000 and not at Rs. 7, 50,000 due to:
  Money Measurement
  Conservatism
  Cost
  Periodicity