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Question

Select the most appropriate alternative from those given below:
Closing stock is always valued at cost or market price, whichever is ________ .


A
more
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B
less
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C
equal
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D
none of these
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Solution

The correct option is B less
Closing stock is valued at cost or market value whichever is less. 

This is based on the conservatism concept where all the anticipated losses are accounted for in the books of account to know the true and fair profitability. 

Accountancy

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