wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

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


A

Materiality Principle

No worries! We‘ve got your back. Try BYJU‘S free classes today!
B

Timeliness Principle

No worries! We‘ve got your back. Try BYJU‘S free classes today!
C

Consistency Principle

No worries! We‘ve got your back. Try BYJU‘S free classes today!
D

Conservatism Principle

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
Open in App
Solution

The correct option is D

Conservatism Principle


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


flag
Suggest Corrections
thumbs-up
6
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
GAAP and Basic Accounting Concepts
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon