Accountıng I Deneme Sınavı Sorusu #1313840
I. Anticipate gains, and provide for all probable losses.
II. When there is a question, record an expense rather than an asset.
III.When you are faced with a decision, you must choose the option that
undervalues, rather than overvalues, your business.
Which one/ones above is/are correct about the ideas that conservatism follows?
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Only I |
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I-II |
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I-III |
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II-III |
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I-II-III |
Anticipate no gains, but provide for all probable losses.If in doubt, record an asset the lowest reasonable amount and reliability at the highest reasonable amount.
• When there is a question, record an expense rather than an asset.
• When you are faced with a decision between two possible options, you must choose the option that undervalues, rather than overvalues, your business
The purpose of conservatism is to report realistic figures and never exaggerate assets or net income.
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