In accounting theory and practice, prudence has traditionally been defined as the principle of recognizing expenses immediately (i.e., not overstating assets) and not recognizing income until it is reasonably certain (i.e., deferring revenue recognition)
Answers & Comments
Answer:
In accounting theory and practice, prudence has traditionally been defined as the principle of recognizing expenses immediately (i.e., not overstating assets) and not recognizing income until it is reasonably certain (i.e., deferring revenue recognition)
Hope it helped you
Follow for more