Question

meaning of conservatism or prudence​

Answer 1

Conservatism :- the disapproval of new ideas and change.

Prudence :- ability to govern and discipline oneself by the use of reason.

But ,

In accounting, the convention ofconservatism, also known as the doctrine of prudence, is a policy of anticipating possible future losses but not future gains. This policy tends to understate rather than overstate net assets and net income, and therefore lead companies to "play safe".

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