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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MEDIUM TERM ASSETS, usually, are those assets that are expected of having a useful life of between six months and two years of the present.

NAARS is National Automated Accounting Research System.

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