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Commerce Accounting Difficulty: Medium

Which kind of property is indicated by the Goods? What type of transfer price involves crediting the market price to the selling division and debiting the variable cost to the buying division? Consider the following statements. 1. The entity concept of accounting is not applicable to sole trading concerns and partnership concerns. 2. Assets are to be shown in the balance sheet at their replacement cost on liquidation. 3. Money measurement concept takes into account changes in the value of monetary unit. 4. When a creditor is paid, this results in decrease of one asset and a corresponding increase in other asset. Which of the statements given above are correct? The details of outward supplies of goods or services shall be submitted by The capital account consists of