What is the definition of Prudence concept? | Dictionary.net

PRUDENCE CONCEPT

\pɹˈuːdəns kˈɒnsɛpt], \pɹˈuːdəns kˈɒnsɛpt], \p_ɹ_ˈuː_d_ə_n_s k_ˈɒ_n_s_ɛ_p_t]\

Definitions of PRUDENCE CONCEPT

1910 - Black's Law Dictionary (2nd edition)

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A principle of accounting that requires you to rcord every liability and expense as soon as it occurs but you only record the results when they are gained or at least assured to be gained.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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