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Time management is very much important in IIT JAM. The eduncle test series for IIT JAM Mathematical Statistics helped me a lot in this portion. I am very thankful to the test series I bought from eduncle.
Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
Nisha Sharma posted an Question
March 15, 2021 • 16:31 pm
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30 points
30 points
- UGC NET
- Commerce
Prudence concept of modifying principles explain in accounting & auditing
prudence concept of modifying principles explain in accounting & auditing
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Ronak kumari upadhyay![best-answer]()
Dear Nisha the meaning of ' Prudence' means being wise. Making estimates involves exercise of judgement. Use of judgement requires prudence. Prudence is a key accounting principle which ensures that assets and income are not overstated, and liabilities and expenses are not understated. At the same time, it does not allow deliberate understatement of assets and income and overstatement of liabilities and expenses. Prudence is critical to achieve neutrality which is one of the preconditions of faithful representation.
what do you mean by neutrality
neautrality means 'as it is'. jyada bhi nhi kam bhi nhi jesa h vesa dikhana