A cooperative store having a turnover of Rs. 10 lakhs and profit of Rs. 50,000 purchased locks costing Rs. 300 for use in the shop. The accountant charged in the P & L A/c of current year but the auditor raised an objection saying that it should be capitalized. On which one of the following conventions could the accountant be defended?

a) Disclosure

b) Materiality

c) Conservatism

d) Cosistency

a) AS-2 valuation of Inventories

b) AS-6 Depreciation

c) AS-9 Cash Flow Statement

d) AS-29 Provisions, Contingent Liabilities and Contingent Assets

a) Interest Recieved

b) Dividend Recieved

c) Commission Recieved

d) All of these

a) Basis for selection of accounting policy

b) Set of broad accounting policies to be followed by an entity.

c) Basis for establishing and managing an entity.

d) All of these.

a) Policy

b) Estimate

c) Parameter

d) None of these