GCEFinancial AccountingAccounting Concepts and Conventions2019

The convention that requires accountants to choose accounting methods that are least likely to overstate assets and income is known as the

Aconsistency convention
Bmateriality convention
Cprudence conventionCORRECT
Ddisclosure convention
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Why the answer is C, and why the others tempt you.
The prudence convention (also called conservatism) requires that accountants should not anticipate profits but should provide for all possible losses. This means assets and income should not be overstated, while liabilities and expenses should not be understated. It ensures a cautious approach to financial reporting.
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