Explain Convention of Conservation
Give a brief introduction of the term ‘Convention of Conservation’?
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This accounting convention is usually expressed as to “expect all the prospect losses and expenses, with no considering the prospect incomes and profits if not they are really realized.” This concept stress that profits must never be anticipated or overstated. This convention usually executes to the valuation of current assets as they are valued at cost or market price either is lower.
Give a brief introduction of the term ‘Cost Concept’?
On December 31, 20x1, the Juniper Company purchase a group of four assets for a total cost of $850,000. An independent appraiser assesses the fair value of each asset as follows: Asset Fair Value Land $100,000 Building 600,000 Equipment 250,000 Fixtures 150,000 Prepare the jour
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