1151. Incomplete contracts should be valued on the basis of ?

A. Net profit of the period
B. Two-thirds of the period’s net profit
C. Two-thirds of the period’s anticipated profit *
D. None of the above

1152. Motor cars should be valued on the basis of :

A. Cost
B. Market price
C. Market price or cost, whichever is lower
D. Depreciated value *

1153. Floating assets are valued at :

A. Cost
B. Market Price
C. The lower of the cost or the market price *
D. Cost less depreciation

1154. Livestock should be valued with the help of :

A. Actual counting
B. Cost
C. Market Value
D. Schedule o livestock 

1155. Timber should be valued at :

A. Cost
B. Market price
C. Cost or Market price whichever is lower
D. Original cost plus maintenance cost *

1156. Wine should be valued at

A. Cost
B. Above cost *
C. Market value
D. Cost or market value which ever is lower

1157. Goods on consignment should be valued at :

A. Cost
B. Market price
C. Cost or market value which ever is lower
D. Original cost plus maintenance cost *

1158. Goods sold on the basis of “Sales or return” should :

A. Be included in the stock *
B. Not be included in the stock
C. Not be checked by auditor
D. None of the above

1159. Contingent liability for bills discounted should be verified by :

A. Balance sheet
B. Note by management
C. Bills receivables book *
D. None of the above

1160. The following resources should be used to confirm any outstanding costs:

A. Cash book
B. Balance sheet
C. None of the above
D. Journal Proper *