Consider the following statements |
I. The entity concept of accounting is not applicable to sole trading concerns and partnership concerns. |
II. Assets are to be shown in the balance sheet at their replacement cost on liquidation. |
III. Money measurement concept takes into account changes in the value of monetary unit. |
IV. When a creditor is paid, this result in decrease of one asset and a corresponding increase in other asset. |
Which of the statements given above are Correct? |
A) I and II
B) II and III
C) III and IV
D) None of these
Correct Answer: D
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