12-20-2005, 03:38 PM
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote">The accounting concept that insists on a realistic view of business activity and stresses that anticipated revenues and profits have no place in a profit and loss accountuntil they have been realised in the form of cash or other assets <hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Dear Sam,
Revenues and expenses are shown in the profit and loss account of the period to which they belong, it dosen't matter when their cash value has recieved or paid...
In very few words "prudence concept" means assets should not be overstated and liabilities should not be understated...
Ace
Dear Sam,
Revenues and expenses are shown in the profit and loss account of the period to which they belong, it dosen't matter when their cash value has recieved or paid...
In very few words "prudence concept" means assets should not be overstated and liabilities should not be understated...
Ace
