Which accounting convention takes into account all prospective losses but leaves all prospective Profits?

Asked by Last Modified  

1 Answer

Learn Accountancy +1 Class XI-XII Tuition (PUC)

Follow 1
Answer

Please enter your answer

Priyanka Shanmugam

I am Searching for new authors ??

Convention of Conservatism.
Comments
Dislike Bookmark

Related Questions

What is meant by Capital?
In simple terms any thing bring by the owner of business to start the business activity or for investing
Arati Chaudhari
0 0
8
I have registered as a home tutor but i am not getting any messages.
PLEASE take premium membership of UrbanPro you will definitely received home tuition enquiry.
Netti surya prakash Rao
0 0
6
What do you mean by principal of conservatism in accountancy?
The conservatism concept is a concept in accounting which refers to the idea that expenses and liabilities should be recognised as soon as possible in a situation where there is uncertainty about the possible...
Akash
What is the difference between Cash & Cash Equivalent?
1. Cash means Paper money , coins , Money order etc But, Cash Equivalent means Highly Liquidable Securities 2. Cash has not any Time period . It is Demand Receipt But , Cash Equivalent Take some time...
Madhav
What will be the effect of change in income on giffin goods and normal goods ?
Giffen goods are a special kind of inferior products in which demand increases when price increases. But in the case of income changes, there's an inverse relationship between market and income. With an...
Suneha Sharma
0 2
7

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Introduction To Accounting: Part 11: Accrual Concept
According to the Accrual Assumption, a transaction is recorded in the books of account at the time when it is entered into and not when the settlement takes place. For Example, if goods are sold...

Nishant Kumar

0 0
0
Generally Accepted Accounting Principles (GAAP)
GAAP is the common set of accounting principles, standards and procedures that organizations use to make accounting transactions and compile their financial statements. GAAP is a combination of: Commonly...

Mujeeb Rehaman

0 0
0
Basics of Accounting_Chapter-1

Rahul Kumar Pugalia

0 0
0
Introduction To Accounting: Part 4: Accounting Cycle
Remember when we started learning English? We started off by learning Alphabets, then we joined Alphabets to form Words, then we joined Words to form Sentences, then we joined Sentences to form Paragraphs,...

Nishant Kumar

0 0
0
Rules of Journalizing
Personal a/c : " Debit the receiver, Credit the giver." Real a/c : " Debit what comes in, Credit what goes out." Nominal a/c : " Debit all expenses & losses, Credit all incomes & gains."

Sadiya G.

0 0
0

Recommended Articles

6 Exam Hall Tips To Follow, For Every Good Student

Appearing for exams could be stressful for students. Even though they might have prepared well, they could suffer from anxiety, tension etc. These are not good for their health and mind. However, following a few exam preparation tips can save them from all these and help them to score good marks. Let’s find out all...

Read full article >

The Trend of E-learning and it’s Benefits

E-learning is not just about delivering lessons online. It has a much broader scope that goes beyond manual paper or PowerPoint Presentations. To understand the reach of E-learning and how the whole process works in developing the Educational system, we will discuss a few points here. Let us find out how this new learning...

Read full article >

5 Engaging Activities For Children To Get...

Learning for every child starts from a very young age. While the formal methods include school curriculums and private lessons, the informal methods include dancing, music, drawing, and various fun-filling activities. Playing games and practising these types of activities helps the children get out of boredom and...

Read full article >

Science, Arts Or Commerce - Which One To Go For?

Once over with the tenth board exams, a heavy percentage of students remain confused between the three academic streams they have to choose from - science, arts or commerce. Some are confident enough to take a call on this much in advance. But there is no worry if as a student you take time to make choice between - science,...

Read full article >

Find Class 11 Tuition near you
Class 11 Tuition in Delhi
Class 11 Tuition in Bangalore
Class 11 Tuition in Hyderabad
Class 11 Tuition in Mumbai
Class 11 Tuition in Kolkata
Class 11 Tuition in Chennai
Class 11 Tuition in Pune
Class 11 Tuition in Gurgaon
Class 11 Tuition in Noida
Class 11 Tuition in Ghaziabad

Looking for Class 11 Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you