HARD COPY is a printed copy of information as opposed to information stored in computer readable form.
CONSERVATISM PRINCIPLE provides that accounting for a business should be fair and reasonable. Accountants are required in their work to make evaluations and estimates, to deliver opinions, and to select procedures. They should do so in a way that neither overstates nor understates the affairs of the business or the results of operation.
UNDERWATER, in securities, is securities held in a portfolio with an unrealized market loss. Selling them would mean realizing the loss and, according to statutory accounting, a reduction in policyholders' surplus.
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