The Principle That Can Be Summarized as "Anticipate No Gains

question 97

Multiple Choice

The principle that can be summarized as "anticipate no gains, but provide for all possible losses and if in doubt, record an asset at the lowest reasonable amount and report a liability at the highest reasonable amount" is the:

• A)revenue concept.
• B)accounting conservatism principle.
• C)the materiality principle.
• D)disclosure principle.

---

Definitions:

Insensitivity

A lack of sensitivity or the inability to perceive and respond to differences or changes.

Interaction Analysis

Research that seeks to document and understand group roles and interactions among members of a group.

Group Interact

The dynamic and communication patterns observed within a group of individuals when they engage or work together.

Disambiguation

The process in content analysis of assigning a word the most appropriate meaning out of all possible meanings.