Grace_Chap 11_Prudence_v2

The _____ _____ (2 words) states that the accounting treatment chosen should be the one that least overstates assets and profits and least understates liabilities and losses.

Thus, non-current assets are presented at net book value (cost less accumulated depreciation) on statement of financial position in order not to overstate the value of non-current assets.

The prudence theory states that the _____ _____ _____ (3 words) should be the one that least overstates assets and profits and least understates liabilities and losses.

Thus, non-current assets are presented at net book value (cost less accumulated depreciation) on statement of financial position in order not to overstate the value of non-current assets.

The prudence theory states that the accounting treatment chosen should be the one that ______ _____ (2 words) assets and profits and least understates liabilities and losses.

Thus, non-current assets are presented at net book value (cost less accumulated depreciation) on statement of financial position in order not to overstate the value of non-current assets.

The prudence theory states that the accounting treatment chosen should be the one that least overstates _____ _____ _____ (3 words) and least understates liabilities and losses.

Thus, non-current assets are presented at net book value (cost less accumulated depreciation) on statement of financial position in order not to overstate the value of non-current assets.

The prudence theory states that the accounting treatment chosen should be the one that least overstates assets and profits and _____ _____ (2 words) liabilities and losses.

Thus, non-current assets are presented at net book value (cost less accumulated depreciation) on statement of financial position in order not to overstate the value of non-current assets.

The prudence theory states that the accounting treatment chosen should be the one that least overstates assets and profits and least understates _____ _____ _____ (3 words).

Thus, non-current assets are presented at net book value (cost less accumulated depreciation) on statement of financial position in order not to overstate the value of non-current assets.

The prudence theory states that the accounting treatment chosen should be the one that least overstates assets and profits and least understates liabilities and losses.

Thus, non-current assets are presented at _____ _____ _____ (3 words) (cost less accumulated depreciation) on statement of financial position in order not to overstate the value of non-current assets.

The prudence theory states that the accounting treatment chosen should be the one that least overstates assets and profits and least understates liabilities and losses.

Thus, non-current assets are presented at net book value (cost less accumulated depreciation) on statement of financial position in order _____ _____ _____ (3 words) the value of non-current assets.

The prudence theory states that the accounting treatment chosen should be the one that least overstates assets and profits and least understates liabilities and losses.

Thus, non-current assets are presented at net book value (cost less accumulated depreciation) on statement of financial position in order not to overstate the value of _____ _____ (2 words).