"Anticipate no profit and provide for all possible losses". It is based on the convention of:
The statement "Anticipate no profit and provide for all possible losses" reflects the accounting convention of conservatism. This convention suggests that when faced with uncertainty, accountants should be cautious and conservative in recognizing profits, but quick to recognize potential losses. This helps in presenting a more prudent and reliable picture of a company's financial position and performance.
Consider two Statements and a Question :
Statement - 1: Each of A and D is heavier than each of B, E and F, but none of them is the heaviest. ...
Six lectures A, B, C, D, E and F, each of one hour duration, are scheduled between 8:00 a.m. and 2:00 p.m.
Consider the Question and two State...
There are two containers X and Y. X contains 100 ml of milk and Y contains 100 ml of water. 20 ml of milk from X is transferred to V. After mixing well...
There is a numeric lock which has a 3-digit PIN. The PIN contains digits 1 to 7. There is no repetition of digits. The digits in the PIN from left to r...
Consider the following multiplication problem:
(PQ) × 3 = RQQ, where P, Q and R are different digits and R # 0.
What is the value of...
X said to Y, "At the time of your birth I was twice as old as you are at present." If the present age of X is 42 years, then consider the following sta...
A boy plays with a ball and he drops it from a height of 1-5 m. Every time the ball hits the ground, it bounces back to attain a height 4/5th of the pr...
Which number amongst 240, 321, 418 and 812 is the smallest?
Let p be a two-digit number and q be the number consisting of same digits written in reverse order. If p × q = 2430, then what is the difference betwe...
What is the value of X in the sequence 20, 10, 10, 15, 30, 75, X?
