Pls answer the questions with your detailed explanations, it's much appreciated!

Identify, by indicating the relevant box in the table below, whether each of the following statements is correct or incorrect. (2 marks) 2.14 Which of the following statements about prudence is correct? Prudence requires assets to be carried at their lowest possible valuation. When prudence is applied, income is not recognised until the cash has been received. A prudent decision will mean lower expenditure. Prudence does not allow for overstatement of liabilities. (2 marks)