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Analysing Comparative Statement of Profit and Loss

Residual valu...

Question

Residual value of an asset cannot be _____________.

A

More than

5

% of the original cost

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B

Less than

5

% of the original cost

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C

Less than

10

% of the original cost

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D

More than

10

% of the original cost

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Solution

The correct option is B More than $5$ % of the original cost
As per Accounting Standards, Residual value of an asset cannot be more than 5% of the original cost.

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