Policy of ‘Playing Safe’ followed by the accountant is based on which one of the following concepts?

Correct option is B

The conservation conventions in accounting refer to a conservative approach to financial reporting. This approach involves exercising caution and prudence in the recognition, measurement, and disclosure of assets, liabilities, revenues, and expenses.
Under the con servation conventions, accountants tend to err on the side of caution by adopting conservative estimates and accounting practices. This means that they prefer to understate assets, overstate liabilities, and recognize expenses earlier rather than later. This approach aims to ensure that financial statements are presented in a manner that avoids overstating financial position or performance.
Dual Aspect Concept: The Dual Aspect Concept, also known as the duality principle or double-entry accounting, is a fundamental concept in accounting. It states that every transaction has two aspects: a debit and a credit.
Money Measurement Concept: The Money Measurement Concept is a fundamental accounting concept that states that only transactions that can be measured in monetary terms are recorded in the financial statements.
Realization Concept: The Realization Concept, also known as the Revenue Recognition Principle, is an accounting principle that determines when revenue should be recognized in the financial statements. According to this concept, revenue is recognized when it is earned and realized or realizable.