The conservatism constraint prescribes that: a) A company use the same accounting methods period after...
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Accounting
The conservatism constraint prescribes that:
a) A company use the same accounting methods period after period.
b) All items of a material nature are included in financial statements.
c) All inventory items are reported at full cost.
d) Revenues and expenses are reported in the period in which they are earned or incurred.
e) When multiple estimates of amounts to be received or paid in the future are equally likely, then the least optimistic amount should be used.
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