Multiple Choice
The accounting convention that calls for financial reports to err on the side of caution is the:
A) accounting period convention.
B) stable monetary unit convention.
C) conservatism (prudence) convention.
D) objectivity convention.
Correct Answer:
Verified
Correct Answer:
Verified
Q26: Identify the current liability.<br>A)Wages owing.<br>B)Loan from B
Q27: Which of these is not an asset?<br>A)Accounts
Q28: Which of the following is a liability?<br>A)Drawings.<br>B)Prepaid
Q29: A limitation of the statement of financial
Q30: What is the effect on the statement
Q32: 'A present obligation of an entity arising
Q33: Which of the following is not considered
Q34: You are provided with the statement
Q35: In recent years, the more common format
Q36: If liabilities are $45,000 and equity is