Otherwise known as conservatism, says that whenever there are alternative procedures or values, the accountant will choose the one that results in a lower profit, a lower asset value and a higher liability value.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). prudence concept. Retrieved September 21, 2026, from http://smartdefine.org/prudence_concept/definitions/1161423 |
| Chicago | Barry Goldsmith. 2010. "prudence concept" http://smartdefine.org/prudence_concept/definitions/1161423 (accessed September 21, 2026). |
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