Q336
The concept that "an accountant shouldn't anticipate profit, but must provide for all losses"
A.
Conservation concept
AnswerB.
Consistency concept
C.
Materiality concept
D.
Reduction concept
Answer: Option A
Solution
Answer: Option A
Solution:
Conservation concept states that "an accountant shouldn't anticipate profit, but must provide for all losses". The concept that an accountant shouldn't anticipate profit, but must provide for all losses is known as The conservatism concept.