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Conservatism, also known as the principle of prudence, is a fundamental concept in financial accounting that guides accountants to exercise caution and sound judgment while recording and reporting financial information. It ensures that uncertainties and risks inherent in business activities are adequately reflected in financial statements. According to this principle, anticipated losses and liabilities should be recognized as soon as they are reasonably foreseeable, whereas gains and revenues should only be recorded when they are realized or assured. This approach prevents the __________ _________ _______ _____ __________ ____ ____.
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