This is a part of lecture presented by Dr. Sanjay Biyani, Director of Biyani Girls College. The video is about Accounting Convention of Conservatism. Conservatism is the policy of ‘playing safe’. It takes into consideration all prospective losses but leaves all prospective profits. This accounting principle is given recognition in A.S. — 1. Following are the examples of the application of the convention of conservatism:
(a) Making the provision for doubtful debts and discount on debtors in anticipation of actual bad debts and discount,
(b) Valuing the stock in trade at market price or cost price whichever is less.

In this session Prof. Sanjay Biyani explained about the difference between duties and responsibilities. A sense of responsibility comes when we take initiative. It is an inner borne quality that generates honorship in us. The people who believe in simply performing duties are time bound and dependent whereas the people who take responsibility are independent without fear and give less importance to money. Responsible people come with the solution and the people who merely perform duties come with the problems. Thus we should develop an attitude of responsibility. He also said that we should accept our mistakes when ever required as it will helps us to be better rather than giving excuses. Knowledge is the combination of love and truth. Love is the sacrifices that we made. It can towards anything like a person, parents or our goal.