Question

Match List I with List II

| LIST I| | LIST II
---|---|---|---
A.| Focus should be on material information and resources of the enterprises
should not be spent on recording and reporting of immaterial information| I.| Going concern
B.| Loss of stock is recognised in the period in which it occurs| II.| Materiality
C.| Assets are not shown at their current realisable value| III.| Prudence
D.| Valuation of closing stock at cost or market value whichever is lower| IV.| Matching principle

Choose the most appropriate answer from the options given below:

• A. A-I, B-III. C-IV, D-II
• B. A-II, B-I, C-IV, D-III
• C. A-II, B-IV, C-I, D-III
• D. A-I, B-II, C-IV, D-III

Answer 1

Answer: (C)

A-II, B-IV, C-I, D-III

Answer 2

The correct option is (C):A-II, B-IV, C-I, D-III