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Explain these terms 1.materality principle 2.prudence and convention?
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Explain these terms 1.materality principle 2.prudence and convention?
According to materiality principle all material facts must be disclosed at the end of the year or accounting period.Also is that the time shouldn't be wasted on entering transactions that are not significant enough to influence decisions of the users of information.
According to prudence concept the business must think of settling its losses.The definition states that "Anticipate no profit but provide for all possible losses."So the firm should think of their incidental happening of risks by making provisions.
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Explain these terms 1.materality principle 2.prudence and convention?
According to materiality ,in this item having an insignificant effects or being irrevelant to the user need not be disclosed. According to conservation all anticipated losses should be recorded in the book of account,but all anticipated or unrealized gain should be ignored.
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Explain these terms 1.materality principle 2.prudence and convention?
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Explain these terms 1.materality principle 2.prudence and convention? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Explain these terms 1.materality principle 2.prudence and convention? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Explain these terms 1.materality principle 2.prudence and convention?.
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