ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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PRUDENCE CONCEPT Definition
PRUDENCE CONCEPT, 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.
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IMPLEMENTATION OF INTERNAL CONTROL means the auditor determines that the relevant controls exist and that the entity is using them.
FISCAL PERIOD is a unit of time (corresponding to calendar months) into which the fiscal year is divided. Period 1 is July 1st through July 31st, and so on. An extra accrual period also exists. See 13TH PERIOD.