Which of the following statements is the most appropriate explanation of the prudence concept? (a) Income should
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Which of the following statements is the most appropriate explanation of the prudence concept?
(a) Income should not be accounted for until realised in cash
(b) Faced with uncertainty an accountant should exercise a degree of caution
(c) It is better to understate profit rather than to overstate it
(d) It is better to account for expenses even if there is uncertainty on how much is payable
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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