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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does the cost concept state?
💡 Hint: Think about how businesses account for their purchases.
Question 2
Easy
Why is the cost concept important?
💡 Hint: Consider what consistency means in accounting.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the main principle of the cost concept?
- Assets are recorded at market value
- Assets are recorded at historical cost
- Assets are recorded at current value
💡 Hint: Remember the basic definition of the cost concept.
Question 2
True or False: The cost concept allows the recording of assets at their current market value.
- True
- False
💡 Hint: Think about what the cost concept emphasizes.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company purchased equipment for ₹1,00,000. Due to changes in technology, the market value of this equipment increased to ₹1,50,000. Discuss how this equipment should be treated in the financial statements and analyze the potential implications.
💡 Hint: Consider the balance between historical costs and current market value.
Question 2
If an asset value significantly decreases in the market, discuss how the cost concept influences the company’s decision on whether to write down the asset’s book value.
💡 Hint: Think about write-downs versus holding values in accounting practices.
Challenge and get performance evaluation