Multiple Choice
The basic accounting concept that refers to the tendency of accountants to resolve uncertainty in favor of understating assets and revenues and overstating liabilities and expenses is known as the
A) conservatism constraint.
B) materiality constraint.
C) substance over form principle.
D) industry practices constraint.
Correct Answer:
Verified
Correct Answer:
Verified
Q9: The two primary qualities that make accounting
Q10: According to Statement of Financial Accounting Concepts
Q11: According to the FASB's conceptual framework,
Q12: Under Statements of Financial Accounting Concepts,
Q14: Application of the full disclosure principle<br>A)is theoretically
Q15: Information is neutral if it<br>A)provides benefits which
Q16: The allowance for doubtful accounts, which appears
Q17: Which of the following statements about materiality
Q18: The underlying theme of the conceptual framework
Q144: Generally accepted accounting principles<br>A) are fundamental truths