Extra Education
← All Financial Accounting questions
1

Mr. Rohit, owner of Rohit Furniture Ltd., owns a personal residence that cost ` 6,00,000, but has a market value of ` 9,00,000. During preparation of the financial statement for the business, the entire value of property was ignored and was not shown in the financial statements. The principle that was followed was

Correct Answer: The concept of Duality Principle

Make the most of this question

This page focuses on one Financial Accounting question from Faculty. After checking the answer, return to the topic list to practice more or run a timed set.

← More Financial Accounting MCQsAll Faculty topicsMock test hub
Financial Accounting MCQ: Mr. Rohit, owner of Rohit Furniture Ltd., owns a personal residence that cost ` 6,00,000, but has a market value of ` 9,00,000. During preparation of the financial statement for the business, the entire value of property was ignored and was not shown in the financial statements. The principle that was followed was | Extra Education