TB MC Qu. 01-54 Which statement is not true regarding... Which statement is not true regarding the conservatism convention in accounting? Multiple Choice Conservatism strives to ensure that business risks and uncertainties are adequately reflected in the financial statements. Conservatism guides us to choose the approach that leads to lower assets or higher liabilities. Conservatism is sometimes used to defend poor accounting judgments. Conservatism means we only record that of which we are 100% certain