Teaching Accountancy Introduction to Accounting Question Bank MCQ - Accounting

  • question_answer
    Which of the following statements is/are correct?
    I. Cost concept is based on historical cost.
    II. Cost concept is highly objective in nature.
    Select the correct answer using the codes given below.

    A)  Only I                                     

    B)  Only II

    C)                     Both I and II                            

    D)  None of the above

    Correct Answer: C


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