What are the 3 Golden Rules of Accounting: Types & Example Order to Cash Knowledge Center
Under the conservatism principle, if there is uncertainty about incurring a loss, you should tend toward recording the loss. Conversely, if there is uncertainty about recording a gain, you should not record the gain. This principle dictates that revenue should be recognised when it is both earned and realisable. It ensures that revenue is not prematurely recognised and […]