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Conservatism Concept

Anticipate no...

Question

Anticipate no profits and provide for all possible losses. This is essence of which of the following accounting principles:

A

Materiality Principle

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B

Timeliness Principle

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C

Consistency Principle

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D

Conservatism Principle

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Solution

The correct option is D
Conservatism Principle

Anticipate no profits and provide for all possible losses. This is essence of Conservatism Principle.

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