Question

What you mean by conservative concept in account

Answer 1

Answer:

The conservatism principle is the general concept of recognizing expenses and liabilities as soon as possible when there is uncertainty about the outcome, but to only recognize revenues and assets when they are assured of being received. ... The conservatism principle can also be applied to recognizing estimates

Explanation:

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Answer 2

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The convention of conservatism, also known as the doctrine of prudence, is a policy of anticipating possible future losses but not future gains.

In accounting, it states that when choosing between two solutions, the one that will be least likely to overstate assets and income should be selected.