Question Solved1 Answer QUESTION 10 The prudence concept in accounting is best described as: The organisation should match expenses and revenues to the period in which they occurred The organisation should be accounted for as if it will continue trading into the future The organisation should be conservative when estimating revenue Only items substantial enough to influence the decisions of users of the accounts should be recognised

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Transcribed Image Text: QUESTION 10 The prudence concept in accounting is best described as: The organisation should match expenses and revenues to the period in which they occurred The organisation should be accounted for as if it will continue trading into the future The organisation should be conservative when estimating revenue Only items substantial enough to influence the decisions of users of the accounts should be recognised
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Transcribed Image Text: QUESTION 10 The prudence concept in accounting is best described as: The organisation should match expenses and revenues to the period in which they occurred The organisation should be accounted for as if it will continue trading into the future The organisation should be conservative when estimating revenue Only items substantial enough to influence the decisions of users of the accounts should be recognised
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Prudence Concept in accounting focuses on the objective that an organization should be conservative about the future, they should be very careful and conservative in their estimation , assets and income should not be overstated and liabilities and expenses should not be un ... See the full answer