Accounting · Accounting Principles
Financial statements prepared under prudent accounting conventions generally recognize expected losses earlier than uncertain gains. This reflects which accounting idea most directly?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Conservatism or prudence✓
- 2Business entity concept
- 3Money measurement concept
- 4Going concern assumption
Correct answer
Conservatism or prudence
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