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What is prudence concept?

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Question added by MUDDASSER ALI , Manager Accounts , M/s Ghulam Muhammad & Sons (GMS (Pvt) Ltd). (Autoparts Manufacturing Concern)
Date Posted: 2014/09/04
Hujat Ullah Khan
by Hujat Ullah Khan , Group Financial Controller , SAED Alraeda Group

An accounting principal according to which expenses and liabilities should record as soon as it occures and income and asset should reocrd as it is realised or virtually certain to be gained. So that expenses and liabilities may not understated and income and assets may not overstated.

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