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What is prudence concept?

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Question added by Shan Ibrahim , Audit Senior , RSMI Avais Hyder Liaquat Nauman Chartered Accountants
Date Posted: 2016/01/06
Muhammad Saeed
by Muhammad Saeed , Experienced Associate Auditor (Secondment) , Deloitte and Touche (Middle East)

Under prudence concept we make it sure while recognizing revenue and expenses that they would not be overstated and understated respectively and in the same manner do not overstate assets and understate liabilities.

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