Sourav (Student) 14 January 2021
yasaswi gomes (My grammar is 💯 good I) 14 January 2021
Prudence means to be careful in in implementing the accounting principles at all times.
Substance or form is the economic form of a transaction Ian more important than the legal form of it. Eg. if a company policy is to own a car only to transport employees, which is expensive than a single bus, you will purchase a bus. Here, in provisioning, you can create a provision irrespective of the legal form.