Which One of the Following Statements Best Describes the Concept

Multiple Choice

Which one of the following statements best describes the concept of conservatism?

A) Profits should be accelerated in all cases.
B) The measurement of an event is verifiable and reliable.
C) The value of goods and services provided is recognized when earned.
D) When uncertainty exists, understating assets, overstating liabilities, accelerating recognition of losses, and delaying recognition of gains is preferred.