Conservatism: Reporting income and expenses in an accurate manner and erring towards understatement of net income and asset values

  • Error on the side of understating revenue
  • Error on the side of overstating expense
  • Example: Inventory reported at historical cost or lower
N_7F_Conservatism

Write Off Apps

App for Entrepreneurs to Learn Tax Savings, Structure Right, & Grow Their Business with an Easy Game. A player chooses a character and plays each round against an opponent answering questions and learning on how to structure a business right, pay less tax, and more along the way. It is a fun and interactive way to learn all you need fast!

Free Cheat Sheet

Free Cheat Sheet

Subscribe for your free Cheat Sheet and to start your Know Your Numbers Journey

« Back to Glossary Index