Accountancy, asked by ahsan1, 1 year ago

what is the difference between prudence concept and conservatism concept?

Answers

Answered by Arslankincsem
2

An accounting principle which needs recording expenses & liabilities as soon as possible but the revenues are taken into account only when they are assured or realized.

It is also known as the conservation principle.

There is no major difference between the conservation and prudence concept because both anticipated losses are considered but anticipated profits are not considered.

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