In introducing the accounting concepts the example of fixed assets and deprecia- tion was used. Stock in
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In introducing the accounting concepts the example of fixed assets and deprecia- tion was used. Stock in hand at the period end also has to be valued. Required Describe in your own words how the four basic concepts identified in SSAP 2 affect the way in which stock is valued in the financial statements. Apart from the basic concepts, SSAP 2 introduces the terms accounting bases and accounting polices.
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