What is your opinion on the statement: "Accounting serves as a historical record" and the concept of "accounting as a language"?

Leysha summoned Babah to his office and conveyed that with the year-end approaching, it is necessary to estimate income and expenses. He stressed the importance of adhering to the principle of "prudence" particularly in relation to the end-of-year provision. In your perspective, what are the consequences of exercising excessive prudence?

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The statement Accounting serves as a historical record is generally true as accounting records provi... View the full answer