4
Question
State whether the following statement is True or False.
Closing stock is always valued at market price.
State whether the following statement is True or False.
Closing stock is always valued at market price.
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Solution
The correct option is B False
On the basis of Prudence or Conservatism principle, closing stock is valued at lower of cost or net realisable value.
On the basis of Prudence or Conservatism principle, closing stock is valued at lower of cost or net realisable value.
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