Question 1 Average method can be used Not yet answered Marked out of 1.00 Flag question Question 2 Not yet answered Marked out of 1.00 Flag Question Question 3 Both in case of periodic or perpetual inventory system Only in case of perpetual inventory system Only in case of periodic inventory system None of these Which one of the following asset is not considered as cash equivalent? Question 3 Not yet answered Identify the correct statement about leasehold property Mark) Marked out of 1.00 Flag question Question 4 Not yet answered Marked out of 1.00 Flag question What is the basic assumption of LCM method? All of these Treasury bills Short term marketable securities Short term notes receivables Inventory for sale (1 Mark) (1 Mark Leasehold is an intangible asset for the lessee The one who secures the right to possess and use the property is called the lessee The property's owner is called the lessor If there is a decrease in the cost price then purchase price will also decrease None of these If there is a decrease in the purchase price then selling price will also decrease If there is a decrease in the cost price then selling price will also decrease (1 (1 Mark)