Question
What is the underlying accounting concept that supports
no anticipation of profits but provision for all possible losses?Solution
The conservatism principle requires that accountants and financial managers should be cautious in their approach to recognizing and reporting financial transactions. It emphasizes that companies should be conservative in their assessment of their financial position and should not anticipate profits until they are realized.
Statements:  V ≥ W > X = Y, C > D = E ≥ V
Conclusions :
I. E ≥ W
II. D ≥ Y
III. C > V
ÂStatements: F < G ≤ H; D < I; J ≥ G; F < A < D
Conclusions:
I. I > F
II. J > A
III. D > G
Statements: 2 < 4 = 8 ≤ 6; 4 ≥ 9 = 7 ≥ 10
Conclusions: I. 6 > 10 II. 6 = 10
In the question, assuming the given statements to be true, find which of the conclusion (s) among given three conclusions is /are definitely true and t...
Which of the following expressions will be true if the expression ‘J ≥ K > L ≥ M’ is definitely true?
Statement: A ≤ B ≤ C > D; E < D; F > E
Conclusions: I. D > A II. E < C
...If we arrange all the letters of the word ‘SUPPLIERS’ in alphabetical order from the left end, then, which letter will remain at its initial positio...
Statements: Z ≤ O = Q < P; A = X > M = Y ≥ P
Conclusions:
I. A > O
II. Z < X
III. Q ≤ M
Statements: J > K = L ≥ M ≥ Q; N < O ≤ P < Q
Conclusions:
I. Q > N
II. J > O
Statements: O ≥ M > F, K ≤ J ≤ D = F, B ≤ Z ≤ L = K
Conclusion:
I. M > L
II. D ≥ B
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