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What is the prudence concept in accounting?

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تم إضافة السؤال من قبل Majid Wangade , Senior Accountant , KANTOUR LIMITED COMPANY ( Real Estate, Construction and Asset Management )
تاريخ النشر: 2016/12/19
Soliman Abd  ALmalak Gendy
من قبل Soliman Abd ALmalak Gendy , مدير ادارة مراقبة حسابات , الجهاز المركزى للمحاسبات

Prudence concept is a key accounting principle which may sure that assets and income are not overstated and liabilities and expenses are not understated

Priya Kanangot
من قبل Priya Kanangot , Senior Accountant , Sharjah Electricity Water and Gas Authority

As per the prudence concept of accounting, Assets and income should not be overstated, and liabilities and expenses should not be understated. Once a liability or expense has occured, provision should be provided for even if the amount or time is uncertain. As regards income, it can be recognized only if the amount and receipt is certain.

manseer muhammed ali
من قبل manseer muhammed ali , Accountant General , Royal Lighting L.L.C & Royal Furnishing LLC

The prudence concept, also known as the conservatism principle, is an accounting principle that requires an accountant to record liabilities and expenses as soon as they occur, but revenues only when they are assured or realized.

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