11. The International Accounting Standards Boards (IASB) conceptual framework (A) Includes the concept of prudence or conservatism...
Question:
11. The International Accounting Standards Board’s (IASB) conceptual framework
(A) Includes the concept of prudence or conservatism which means when in doubt, choose the solution that will be least likely to overstate assets or income and/or understate liabilities or expenses.
(B) Includes the concept of cautious prudence which calls for caution when making judgments under conditions of uncertainty.
(C) Includes the concept of prudence or conservatism which means when in doubt, choose the solution that will be least likely to understate assets or income and/or overstate liabilities or expenses.
(D) Includes the concept of prudence or conservatism as a desirable, but not required, quality of financial reporting information.
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso