CA Inter Advanced Accounting Practice Questions - ICAI CA Intermediate Paper 1 Advanced Accounting Exam

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The Framework describes two main bases of capital maintenance. Under the financial capital maintenance concept, profit is earned only if:

The net assets in money terms at the end exceed those at the beginning, after excluding owner contributions and distributions The physical productive capacity of the entity at the end exceeds that at the beginning Total revenue exceeds total cash expenses for the period Closing inventory is valued at net realisable value

Correct Answer:

The net assets in money terms at the end exceed those at the beginning, after excluding owner contributions and distributions

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