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How does prudence concept affect the accertainment of profit?

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Question added by Rishab Ridlan
Date Posted: 2017/09/24
duncan mwangi
by duncan mwangi , Business consult , Resolution insurance company kenya

The prudence concept. Under the prudence concept, do not overestimate the amount of revenues recognized or underestimate the amount of expenses. You should also be conservative in recording the amount of assets, and not underestimate liabilities.

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