Using "lower of cost and net realisable value (Market Value)" for the purpose of inventory valuation is the implementation of which of the following concepts?
A. The going concern concept
B. The separate entity concept
C. The prudence concept
D. Matching concept
Answer: Option C
Related Questions on Miscellaneous in Commerce
A. Expenditure for the business
B. Cost for the business
C. Gain for the business
D. None of the above
Which of these items would be accounted for as an expense?
A. Repayment of bank loan
B. Dividend to stock holders
C. The purchase of land
D. Payment of current period rent
Debit the receiver credit the giver rule for:
A. Real a/c
B. Personal a/c
C. Nominal a/c
D. None of these

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