Which of these accounting concepts conflict with each other?
A) monetary basis and historical cost
B) prudence and full disclosure
C) entity and the accounting period
D) accounting period and matching

Question

Quizplus · Accepted Answer

Prudence and full disclosure can conflict because prudence involves being conservative in financial reporting to avoid overstating assets or income, while full disclosure requires revealing all relevant financial information, which could potentially include optimistic estimates or projections.

Which of These Accounting Concepts Conflict with Each Other