Meaning prudence concept
What does prudence concept mean? Here you find 2 meanings of the word prudence concept. You can also add a definition of prudence concept yourself
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prudence conceptExercise of caution when making judgements or estimates required under conditions of uncertainty, in order to prevent the overstatement of assets and/or understatement of liabilities.
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prudence conceptDefinition An accounting concept where expenses and liabilities are recognized as soon as possible, but revenues are only when realized and assured.
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