Statement I: The following is the feature of Current cost accounting that mentions that surplus arising out of revaluation are transferred to current cost reserve.Statement II: Current cost accounting does not fail to maintain physical capital in terms of general purchasing power is the advantage it holds.
Statement I: The following is the feature of Current cost accounting that mentions that surplus arising out of revaluation are transferred to current cost reserve.Statement II: Current cost accounting does not fail to maintain physical capital in terms of general purchasing power is the advantage it holds.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q24
Statement I: The following is the feature of Current cost accounting that mentions that surplus arising out of revaluation are transferred to current cost reserve.Statement II: Current cost accounting does not fail to maintain physical capital in terms of general purchasing power is the advantage it holds.
a.
Statement II only true
b.
Neither of the statements are true
c.
Statement I is only true
d.
Both the statements are true
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