Accountıng I Deneme Sınavı Sorusu #1313827
Which of the followings is not among the ideas that conservatism (one of the inventory-related accounting principles) follows?
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Anticipate no gains, but provide for all probable losses. |
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If in doubt, record an asset the lowest reasonable amount and reliability at the highest reasonable amount. |
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• When there is a question, record an expense rather than an asset. |
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Perform strictly proper accounting only for significant items. |
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Choose the option that undervalues, rather than overvalues, your business |
Conservatism in accounting means being careful in reporting items in the financial statements. Conservatism follows these ideas:
• 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 correct answer is D.
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