What is the underlying concept that supports the immediate recognition of a contingent loss ?

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How should accountants treat contingent gains and contingent losses?
Posted by:
HANNA SABA
14-June-2014

a) Substance over form.

b) Consistency.

c) Matching.

d) Conservatism.

Accounting Economics

Question added by Deleted user
Date Posted: 2016/08/23

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2 Answers

Michael Mudzengi

by Michael Mudzengi , Group Accountant , Birmingham invest Proprties Ltd

d) Conservatism concept - recognise expenses and liabilities as soon as possible ,recognise assets and Income when received.

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by Nadjib RABAHI , Freelancer , My own account

The answer is : d - Conssitency

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