Anticipate no profits and provide for all possible losses. This is essence of which of the following accounting principles:

Related MCQs

• The policy of anticipate no profit and provide for all possible losses arises due to
• The policy of anticipate no profit and provide for all possible losses is followed due to
• Accounting procedures and accounting practices should remain same from year to year under which of the following accounting principles:
• Which of the following is true statement for computerised accounting system? a. the computer accounting system is based on the concept of database. b. Computer accounting system does not away with the concept of creating and maintaining journals, ledger etc.
• Goodwill is to be calculated at one and half year’ purchase of average profit of last 5 years. The firm earned profits during 3 years as ₹ 20,000 ₹ 18,000 and ₹ 9,000 and suffered losses of ₹ 2,000 and ₹5,000 in last 2 years. The amount of goodwill will be
• Which accounting concept or convention which, in times of rising prices, tends to understate asset values and overstate profits?
• Every transaction has two aspects i.e., debit and credit, under which of the following accounting principles:
• When a machinery is purchased for cash, the cash balance is reduced and to that extent, the amount of machinery as an asset is recorded. This is done to follow which of the following accounting principles:
• An ink-stand has been purchased by a firm for a nominal amount that is to last for 4 year. It should not be classified as a fixed asset under which of the following accounting principles:
• When stock is valued at cost in one accounting period and at lower of cost and Net realizable value in another accounting period