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Prudence principle is
the rule of becoming carefulness. In accounting, we can become careful from
future losses. For facing the losses without tension, it is very easy to separate
of profit’s some part for this. Every type of loss will increase our liability.
As per prudence
principle, we should make and record all estimated future loss and forget all
estimated future gains. By doing this, we have to make the provisions for
future losses. For example, there is the risk of defaulting the some debtors.
For tolerating this loss, it is good, if we make the provision for doubtful
debt. This reserve will deduct our total profit. If this loss will happen, we
can easy buy new stock through this provision.
This provision is also called
principle of conservatism because this rule is not new. Every time, businessman
wants to play his investment in safe side. He also wants to control every type
of risk through making reserve. At that time of making of reserve, he should
estimate the future loss correctly, otherwise, it will become secrete reserve
and it is against the principle of full disclosure.
Examples of Prudence
Principle
–
Stock‘s value is
calculated on the basis of cost or realizable value whichever is less.
–
The provision for
doubtful debts, provision for discount allowed and provision for other future
losses should be made
–
Fixed assets must be
depreciated on the basis of correct rate of depreciation.
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- access
- account
- accountant
- Accounting
- accounting definitions
- accounting ebook
- Accounting education
- Accounting Education Ads Help
- accounting procedure
- accounting process outsourcing
- Accounting Software
- advance
- advertising
- africa
- Amalgamation
- amendments
- Amortization
- announcements
- Annuity
- assets
- audit
- auditing
- Australia
- B.Com.
- balance sheet
- bank
- Bank reconciliation
- banking
- basic accounting
- BBA
- benefits
- best
- bill
- black money
- blog
- bloggers
- book keeping
- bookkeeping
- Branch Accounting - full tutorial
- budget
- Budget variance
- business
- businessman
- CA
- calculator
- canada
- capital
- capital budgeting
- career
- cash
- cash book
- cash flow statement
- Chiense
- children
- china
- class
- coaching
- coins
- college
- commerce
- commerce students
- company
- computer
- computer accounting
- conference
- Contact vinod kumar
- Control Your Spending
- corporate accounting
- cost
- cost accounting
- cost center
- cost centre
- CPA
- credit
- credit card
- cs
- currency
- data
- Debit and credit
- debit cards
- debt
- debtor
- degree
- depletion
- depreciation
- Diwali Messages
- documents
- dollar
- domain
- Downloads
- Dubai
- e-accounting
- earning
- education
- Education Loans
- employee
- EPF
- ERP
- euromoney
- examination
- excel
- excise duty
- expenses
- factor of loan
- fans
- feature
- fifo
- FII
- fiji
- finacle
- finance
- Finance Journal Entries
- Financial
- financial accounting
- Financial Statements
- fire insurance
- flickr
- flow
- forensic
- forex
- formula
- france
- fraud
- free
- fun
- function
- fund
- GAAP
- GDP
- gdr
- germany
- gold
- goodwill
- goodwill accounting
- google apps
- google apps
- google base
- google buzz
- google calendar
- Google docs
- google finance
- google fusion tables
- google talk
- govt.
- GST
- guide
- health
- Hindi
- Hindi Language
- history
- holding company
- How to treat FBT in Tally 9
- HRA
- ICAI
- ICAWI
- ICICI Bank
- IFRS
- income
- income statement
- Income Tax
- India
- indian railway
- Indonesia
- inflation
- inflation accounting
- infographics
- information
- inspiration
- insurance
- insurance accounting
- Intangible
- interest
- international
- Internet
- Introduction of Tally 9
- inventory
- investment
- investment in Shares
- invoice
- IT
- Japan
- Job costing
- journal entries
- Journal Entries eBook Help
- Kalculate
- keyboard
- kuwait
- laptop
- law
- LBT
- learning
- lease
- lecture
- ledger
- leducation
- Leverage Analysis
- liabilities
- lifo
- loan
- logical point
- loss
- loss of profit
- M.Com.
- m.phil
- malaysia
- management accounting
- manual accounting
- manufacturing account
- market
- marketing
- mastercard
- material
- MBA
- MCA
- media
- migration
- mobile
- money
- ms word
- ms. excel
- multi currency in tally 9
- Multicurrency Accounting
- mutual fund
- national security
- new and sacrifice ratio
- new york times
- new zealand
- news
- NGO
- nonprofit-accounting
- North Georgia Mountains
- Notification
- NPV
- NSE
- odbc
- office
- oman
- online application
- online accounting
- Online Accounting Course
- otcei
- pakistan
- parents
- Partnership
- pay pal
- Personal Finance
- pie chart
- pie chart of income
- pnb
- podcast
- ppf
- presentation
- price
- privacy policy
- prof. vinod kumar
- profit
- profit and loss account
- project management
- provision
- purchase
- puzzles
- quickbooks
- Quote
- quotes
- quotes of svtuition
- rating agency
- ratio analysis
- RBI
- readers
- real estate
- rectification of errors
- remote control
- reports
- reserves
- responsibility accounting
- retirement
- revenue
- Revenue reserves
- review
- risk
- rupees
- salary
- sale
- SAP
- saudi arabia
- saving
- sbi
- scholarship
- school
- SEBI
- security
- service tax
- share
- share trading
- Shares
- shri lanka
- singapore
- sms
- social accounting
- society
- solution
- South Africa
- stock
- stock exchange
- structure
- student
- students
- study
- subsidiary company
- svtuition
- swiss bank
- tally
- tally 9
- Tally 7.2
- Tally 9
- Tally.ERP 9
- TallyPrime
- tanzania
- tax
- Tax Accounting
- TDS
- teacher
- teaching
- technology
- test
- testimonial
- testimonials
- thailand
- tips
- trading
- trading on equity
- transaction
- trend
- trial balance
- truthfulness
- tuition
- UAE
- UGC - NET Commerce
- UK
- United Arab Emirates
- university
- usa
- valuation
- VAT
- Video
- Voucher and vouching
- Wealth
- wikipedia
- working capital
- youtube
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