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It basically means that a company cannot over estimate its assets such as stock (for example; valuing damaged stock at its previous sales value and not its new real value) and not to underestimate Costs of sales
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Advantages of prudence concept in financial accounting?
list 5 advantages of prudence concept
Prudence Concept in accounting?
preparation of account involve estimations, measurements and and valuations according to the conservatism or prudence concept it is a good practice to follow a procedure that tends to understate things.
Fundamental principles of accounting?
the fundamental principles of accounting are as follows:a. the going concern conceptb. the consistency conceptc. the separate valuation conceptd. accruals and matching concepte. the concept of prudence
What is substance over form in accounting terms?
is a principal of accounting meaning means fully covered accounting satatements.
Where could one buy a dictionary of accounting terms?
You can purchase a dictionary of accounting terms from retailers such as Amazon. Once on the website, type "Dictionary of Accounting Terms" into the search field at the top of the page and press enter to bring up the item.
Since financial information is communicated in accounting terms. Accounting is said to be?
Language of business
In terms of accounting what is a Paying in slip counterfoil?
i do not now
What does debit mean in accounting terms?
take away from
What does appreciation mean in accounting terms?
Great value.
Book-keeping and accounting are synonymous terms?
true..
What is furniture in accounting terms?
In accounting terms furniture can be consider according to fixed assets, all furniture which can be used for business purpose like Almira, table etc
What influence does accounting language have on everyday life?
Accounting language can be used in one's personal life because finances remain the same. Terms like budgets, income and expenses are accounting terms found in every day language.
