State whether the following statements are True or False with reasons:

1.	State whether the following statements are True or False with reasons:Closing stock is always valued at market price.
Answer» This statement is False. As per the conservatism concept, the closing stock is always valued at cost price or market price whichever is less. If the market price of closing stock is greater than its cost then closing stock is recorded at cost.

State whether the following statements are True or False with reasons:Closing stock is always valued at market price.

Answer»

This statement is False.

As per the conservatism concept, the closing stock is always valued at cost price or market price whichever is less. If the market price of closing stock is greater than its cost then closing stock is recorded at cost.

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State whether the following statements are True or False with reasons:Closing stock is always valued at market price.

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