According to the Concept of Conservatism, an accountant should

A. Recognize all losses and anticipate no gains

B. Recognize all gains and anticipate no losses

C. Recognize and anticipate both gains and losses

D. Both (b) and (c)

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  1. All events are transactions but all transactions are not events.
  2. Copyright is an example of
  3. Wages and Salaries is a charge against
  4. Capital of the business is an example of external liability.
  5. Accrual concept implies accounting on cash basis.
  6. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  7. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  8. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  9. WDV stands for
  10. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  11. Cash is an example of
  12. Net Realisable Value of an asset means
  13. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  14. Choose the odd one out
  15. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  16. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  17. Depreciation is not charged on _______________.
  18. Which of the following equation(s) is(are) true
  19. The first step of accountancy is
  20. Business ventures, which are started for a predefined period, are known as _____________ventures
  21. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  22. Any type of error affects the agreement of Trial Balance.
  23. Goodwill is not a fictitious asset.
  24. The account which can never have a credit balance is
  25. Sale of Office Furniture should be credited to Sales Account.
  26. An expenditure intended to benefit the current period is revenue expenditure.
  27. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  28. The basic unit of measurement of the accounting system is ______________.
  29. The balance in the Cash Book represents net income.
  30. Trial Balance is prepared after the preparation of Profit and Loss Account.