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51. A trader calculated his profit as Rs.150000 on 31/03/2014. It is an
Transaction
Event
Transaction as well as event
Neither transaction nor event
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52. For every debit there will be an equal credit according to
Matching concept
cost concept
Money measurement concept
Dual aspect concept
53. Historical cost concept requires the valuation of an asset at
Original cos
Replacement value
Net realizable value
Market value
54. The comparison of the financial statement of one year with that of another is possible only when the ----------------concept is followed
Going concerned
Accrual
Consistency
Materiality
55. Profit and loss is calculated at the stage of
Recording
Posting
Classifying
Summarising
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