Question
"Anticipate no profit and provide for all possible
losses". It is based on the convention of:Solution
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.
The average conditions of weather for a month, season or year are denoted as
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Incorporation of crop residues in soil increases:
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