Q577
Which one of the following is not a generally accepted accounting principle:
A.
Sales, revenues and incomes should not be anticipated or materially overstated
B.
There must be proper cut off accounting for inventories and liabilities for costs and expenses
C.
Non-recurring and extraordinary gains and losses should be recognised in the period they accrue, but should be shown separately from the usual operations
D.
Long-term investments in securities should ordinarily be carried at market quotations
AnswerAnswer: Option D
Solution
Answer: Option D
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