The conservatism concept is best described as:

Select one:

 

A. When in doubt, understate assets and sales revenue and overstate liabilities and expenses.

B. A company uses the same accounting methods from one period to the next.

C. Recording an asset on the balance sheet at an amount equal to what was paid for it.

D. The notion that a company will operate in the future.

Answer rating: 100% (QA)

Solution Option A is the correct answer when in doubt understate the assets and sales revenue an... View the full answer