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.
In the following question, select the related word pair from the given alternatives.
Japan: Japanese :: Italy: ?
The Bhima-Koregaon battle of 1818, now in news, was a battle between:
When will the EU Deforestation Regulation (EUDR) come into effect despite protests from several countries?
Who among the following wrote the basic text of Vaisheshika philosophy?
In which city was the first Multi Purpose Vessel (MPV) for the Indian Navy, named ‘Samarthak’, launched?
What is the total stake of SBI in Jio Payment Bank?
Which of the following pairs is not correctly matched?
According to the Becket list, arrange in linear order the kings of Pawar Dynasty ascended the throne after Kanak Pal?
1) Shyama Pal
2) Pad...
India's rise to 39th in the GII 2024 can be attributed to the growing startup ecosystem. Which government initiative has most contributed to fostering t...
Who is the brand ambassador of Bata India?
Relevant for Exams:
