1.) The basic accounting concept that refers to the tendency of accountants to resolve uncertainty in favor of understating assets and revenues and overstating liabilities and expenses is known as:

the industry practices constraint.

the doctrine of conservatism

the materiality constraint.

2.)

Under Statement of Financial Accounting Concepts No. 8, which of the following is an ingredient of the primary quality of relevance?

		Understandability
		Neutrality
		Materiality
		Verifiability

the substance over form principle.