In Its Concepts Statements, the FASB Favors Conservative Accounting

question 65

True/False

In its Concepts Statements, the FASB favors conservative accounting.

---

Definitions:

Accounting Records

Documents and ledgers that capture all the financial transactions of a business, serving as a foundation for financial reporting.

Physical Count

The act of manually counting inventory on hand to verify records and ensure accuracy in reporting assets.

Non-Inventory

Items or services a company sells or uses in its operations that are not held in inventory, such as supplies, subscriptions, or services.

QBO

Abbreviation for QuickBooks Online, a cloud-based accounting software designed for small and medium-sized businesses.