Conservation concept
Consistency concept
Materiality concept
Reduction concept
✅ The correct answer is A.
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.
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.