N(A)-Level POA Practice Questions - Singapore-Cambridge GCE Normal (Academic) Level Principles Of Accounts Exam

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At the financial year-end, a retailer holds inventory that cost S$8,500. Due to damage, its estimated net realizable value is S$7,200. Which accounting concept justifies recording the inventory at S$7,200?

Prudence Concept Consistency Concept Materiality Concept Objectivity Concept

Correct Answer:

Prudence Concept

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