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  • Accounting & Finance for Bankers - 1 (JAIIB)
  • _________ concept requires that assets and profits not be...
Multiple choice

_________ concept requires that assets and profits not be over-stated.

  1. Going Concern

  2. Prudence

  3. Duality

  4. Accounting Period

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

As per the prudence concept, do not overestimate the amount of revenues recognized or underestimate the amount of expenses.

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