What is another word for PRUDENCE CONCEPT?
Pronunciation: [pɹˈuːdəns kˈɒnsɛpt] (IPA) 
The term "prudence concept" refers to the principle of accounting that suggests that businesses should only recognize revenue when it is reasonably certain, while expenses should be recorded as soon as they are probable. Some synonyms for the prudence concept include conservatism, caution, discretion, circumspection, and judiciousness. These terms emphasize the importance of being careful and thoughtful in decision-making, particularly when it comes to financial matters. By prioritizing prudence, businesses can ensure that they make wise investments, minimize risks, and maintain financial stability over the long-term. Ultimately, embracing the prudence concept can help companies build a reputation for sound financial management and trustworthiness among stakeholders.
