Question
Creating a provision for doubtful debts shows a more
realistic amount of collectible debts at the end of the accounting year. Such a practice is in compliance with the:ÂSolution
Creating a provision for doubtful debts means recognizing that some customers may not pay what they owe. This reduces the receivables to a more realistic (lower but safer) amount. This practice follows the: Principle of Conservatism (Prudence) Anticipate all expected losses but do not anticipate gains. • We record possible losses (bad debts) • We do not overstate assets or income Other options: • Matching principle → Match revenue with related expenses. • Double-entry system → Every transaction has two effects. • Going concern → Business will continue in future.
The International Tribunal for the Law of the Sea is _____________________
As per section 55 of the Transfer of Property Act, 1882 in the absence of a contract to the contrary, where the ownership of the property has passed to ...
A sessions court requires permission of High Court to pass _______?
Where both the parties to an agreement are under a mistake as to a matter of fact essential to the agreement, the agreement is__________________
She __________ to go for a walk every evening.
What is the word for "a person who is always optimistic and sees the good in everything"?Â
Once all the partners anticipate dissolution of the firm___.
Under which one of the following Section of the CPC the court may ask parties to a dispute to go for mediation:
Under which one of the following sections of CrPC., Magistrate second class can conduct summary trial?Â
Break down theory of divorce is reflected in:
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