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According to the Concept of Conservatism, an accountant should

A. Recognize all losses and anticipate no gains

B. Recognize all gains and anticipate no losses

C. Recognize and anticipate both gains and losses

D. Both (b) and (c)

Please do not use chat terms. Example: avoid using "grt" instead of "great".

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  2. Cash payments are recorded on the _______________ of the Cash Book.
  3. Depreciation is not charged on _______________.
  4. Business ventures, which are started for a predefined period, are known as _____________ventures
  5. The balance in the Cash Book represents net income.
  6. Accrual concept implies accounting on cash basis.
  7. Copyright is an example of
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  9. All credit sales are recorded in
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  12. Transfer to General Reserve is a charge against
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  16. The account which can never have a credit balance is
  17. An expense incurred to keep the machine in working condition is a capital expenditure.
  18. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  19. HUF stands for
  20. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  21. WIP stands for
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  23. Net Realisable Value of an asset means
  24. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
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  26. The aggregate of direct material, direct labour and direct expenses is known as
  27. Which of the following equation(s) is(are) true
  28. E. & O.E.
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