Which of the following practices is not in consonance with the convention of conservatism?

Related MCQs

• The Convention of Conservatism takes into account
• The convention of conservatism is applicable ___________________
• The concept of conservatism ensures that the reported profit is not:
• Which accounting concept or convention which, in times of rising prices, tends to understate asset values and overstate profits?
• The comparison of the results of one accounting period with that in the past is possible when the following convention is followed:
• The convention that states that the accounting practice should be followed consistently over the years
• According to this convention, important items must be recorded instead of being left out or merged with other items.
• Accounting procedures and accounting practices should remain same from year to year under which of the following accounting principles:
• General rules that are used as a guide in accounting and as a basis of accounting practices are called:
• Which of the following statements is/are true? (i) An error in casting the subsidiary books is an error of commission (ii) An error in wrong casting of the sales day book will not affect the personal accounts of debtors (iii) Mistake in transferring the balance of an account to the Trial Balance will not affect the agreement of the Trial Balance (iv) The mistake of treating a liability as an income or vice versa will not affect the agreement of a Trial Balance