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. Sale of Office Furniture should be credited to Sales Account.
  2. Choose the odd one out
  3. The balance in the Cash Book represents net income.
  4. According to the Concept of Conservatism, an accountant should
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  6. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
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  8. Fixed Assets are stated in the balance sheet at their market value.
  9. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  10. Copyright is an example of
  11. Providing depreciation ensures sufficient cash for asset replacement.
  12. Depreciation is not charged on _______________.
  13. An expense incurred to keep the machine in working condition is a capital expenditure.
  14. Trial Balance is prepared after the preparation of Profit and Loss Account.
  15. The basic unit of measurement of the accounting system is ______________.
  16. All events are transactions but all transactions are not events.
  17. Wages and Salaries is a charge against
  18. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  19. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  20. WDV stands for
  21. A part of the profit distributed to the shareholders is known as
  22. An expenditure intended to benefit the current period is revenue expenditure.
  23. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  24. The short description of a transaction written at the end of a journal entry is known as _______________.
  25. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  26. Goodwill is not a fictitious asset.
  27. The aggregate of direct material, direct labour and direct expenses is known as
  28. Capital of the business is an example of external liability.
  29. The account which can never have a credit balance is
  30. Net Realisable Value of an asset means