If a firm believes that some of its debtors may default, it should act on this by making sure that all possible losses are recorded in the books. The above statement refers to which accounting convention? Discuss it.
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If a firm believes that some of its debtors may ′default′, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the conservatism concept. ... This co-incidence is explained by the dual aspect concept.
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