IGNOU MS 4 2010 - Concept of conservatism

Question

Concept of conservatism

01 Nov 2017

Answer :

Word Count : 197

The Conservatism (Prudence) Concept

As the term suggests its traditional approach of playing safe or being cautious in

recognising all the possible losses but ignoring all probable profits. This is also known as

prudence concept implying the common and accepted behaviour of accounting or

providing

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