Question
A business firm creates provisions against doubtful debt under which of the following conventions
Answer: Option C
:
C
According to Convention of conservatism, you should record expenses and liabilities as soon as possible, but to record revenues and assets only when you are sure that they will occur.
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:
C
According to Convention of conservatism, you should record expenses and liabilities as soon as possible, but to record revenues and assets only when you are sure that they will occur.
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