The constraint of conservatism is best expressed as:
a. the cost of applying an accounting principle should not exceed its benefit.
b. only material items should be recorded and reported.
c. when in doubt, choose the method that will least likely overstate assets and net income.
d. the lower-of-cost-or-market method should be used for inventories.
Ans: c. when in doubt, choose the method that will least likely overstate assets and net income.
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Fill in the blank(s) with correct word