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Accountancy

Valuation of inventory, at cost or net reliable value, whichever less is based on principal of convertism. This statement is true or false give reason

Ritika Chaudhary

CA Foundation

★ 170

14-Sep-22 15:53

351

Answers (6)

True

Megha Basine

CA Inter

★ 2K+

14-Sep-22 15:55

Megha Basine

True

Thanku

Thread Starter

Ritika Chaudhary

CA Foundation

★ 170

14-Sep-22 15:56

True Because, convertism principal states that if there is uncertainty about incurring loss the we should record for loss and not for gain Thus, we record inventory at cost or NRV which ever is lover

Samarth Kshatriya

CA Inter

★ 1K+

14-Sep-22 17:35

Samarth Kshatriya

True Because, convertism principal states that if there is uncertainty about incurring loss the we should record for loss and not for gain Thus, we record inventory at cost or NRV which ever is lover

Thanku so much ð???

Thread Starter

Ritika Chaudhary

CA Foundation

★ 170

14-Sep-22 17:36

Thread Starter

Ritika Chaudhary

Thanku so much ð???

Samarth Kshatriya

CA Inter

★ 1K+

14-Sep-22 17:37

True According to convertism principal don't record anticipated income and should anticipated losses

Mohammad Badurul

CA Final

★ 10K+

29-Sep-22 15:33

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