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.
(210/3)% of the raindrops could have been collected, when 3 cm of rain has fallen on a part of land of area 2 km2, in a tank having a 200 m �...
Which of the following errors occurs when a transaction is recorded in the wrong account but within the correct class of accounts?
Three containers have their volumes in the ratio 3: 4: 5. They are full of mixtures of milk and water. The mixtures contain milk and water in the ratio...
The resistance of a 10 m long copper wire is R ohm. What will be the resistance of a 5 m long copper wire?
A man invested Rs. 10,000 at simple interest of 'x%' p.a. and received Rs. 20,000 after 2 years. If he had invested Rs. 25,000 at simple interest of 'x%...
What will be the measurement of the angle made by the hour and minute hands of a clock when the time is ‘quarter past 3’?
Study the given arrangement carefully and answer the question that follows.
(Left) 3 ^ % 7 2 4 £ 3 ¥ 4 ꝭ @ 8 8 & 6 @ 1 (Right)
How man...
Which of the following reforms was suggested by former Finance Minister Arun Jaitley regarding social security in India?
I. Employees should have...
Who among the following Indian film directors/actors was honoured with the Order of the British Empire (OBE) in year 2004?
The Ramappa temple of LOrd Shiva was built by which dynasty?
Relevant for Exams:
