Practicing Success
Practicing Success
CUET Preparation Today
| Personal opinion, judgements and estimates are made while preparing the financial statements to avoid any possibility of...................... of assets and liabilities, income and expenditure, keeping in mind the convention of conservatism. |
Error Overstatement Understatement None of these |
| Overstatement |
| While deciding either cost of inventory or market value of inventory, many personal judgements are to be made based on certain considerations. Personal opinion, judgements and estimates are made while preparing the financial statements to avoid any possibility of over statement of assets and liabilities, income and expenditure, keeping in mind the convention of conservatism. |
