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Introduction to Book Keeping and Accountancy — Book Keeping & Accountancy STD 11 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 11 Commerce / ArtsBook Keeping & AccountancyIntroduction to Book Keeping and Accountancy1 Mark
Question
What is conservatism?
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Answer

The concept of conservatism states that while deciding the policy of the enterprise the businessman has to anticipate no profit but provide for all possible losses.

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