Provision for bad debts is made as per the
A). Conservatism concept
B). Cost concept
C). Consistency concept
D). Going concern concept
Conservatism concept
Provision for bad debts is made as per the Conservatism concept. The conservatism principle is the general concept of recognizing expenses and liabilities as soon as possible when there is uncertainty about the outcome, but to only recognize revenues and assets when they are assured of being received.
1. Which of the following is not a financial statement?
2. If the opening inventory of a business is undercast, it will
3. Declared dividend should be classified in the balance sheet as a
4. Amortization of unidentified intangible assets is in terms of
5. Oil spills are a source of pollution for
8. The legally binding international agreement to reduce Greenhouse gases by 5% 2012 is _________