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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  1. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  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
  8. Trial Balance is prepared after the preparation of Profit and Loss Account.
  9. All credit sales are recorded in
  10. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  11. Fixed Assets are stated in the balance sheet at their market value.
  12. Transfer to General Reserve is a charge against
  13. According to the Concept of Conservatism, an accountant should
  14. An expenditure intended to benefit the current period is revenue expenditure.
  15. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  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
  22. Which of the following events is not a transaction?
  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…
  25. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  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.
  29. A part of the profit distributed to the shareholders is known as
  30. Capital of the business is an example of external liability.