PRUDENCE CONCEPT Definition

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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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M2 is a measure of the U.S. money supply that includes M1, plus savings and small time deposits, overnight repos at commercial banks, and non- institutional money market accounts. M2 is a key economic indicator used to forecast inflation.

GULL is Georgetown University Legal Library; important resource for sales tax information.

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