Conservative accounting practices are those that result in reporting higher income, higher assets, and lower liabilities.
42. Conservative accounting practices are those that result in reporting lower income, lower assets, and higher liabilities.
43. A larger estimation of the allowance for uncollectible accounts, the write-down of overvalued inventory and the use of a shorter useful life for depreciation are all examples of conservative accounting.
44. Use of a longer useful life for depreciation is an example of conservative accounting.
45. Aggressive accounting practices result in reporting higher income, higher assets, and lower liabilities.
46. Changes in accounting estimates usually have no effect on a company’s underlying cash flows.
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