Examlex
The basic accounting concept that refers to the tendency of accountants to resolve uncertainty in favour of understating assets and income is known as:
Irrevocable
Not able to be changed, reversed, or recovered; final and unalterable.
Renunciation
The act of formally or officially giving up a right, position, or responsibility, often in a legal or ceremonial context.
Statutory Right
A right granted by legislation, which is enacted by a legislative body.
Intestate
The state of dying without having made a legal will, leading to the distribution of one's estate according to state or country laws.
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