Roshana Richmond

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Which of the following best defines the prudence concept in accounting? Statement $1$: Recognising revenue when earned, and expenses as soon as they are incurred regardless of when received and paid. Statement $2$: Recording expenses only when they have been paid and revenues only whey have been received Statement $3$: Exercising no caution in the estimation of assets and liabilities Statement $4$: Maintaining consistency in the application of accounting policies a$.$ Statement $2$ b$.$ Statement $3$ c$.$ Statement $4$ d$.$ Statement $1$