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The principle of conservatism, also known as the prudence concept, is a fundamental accounting and managerial guideline particularly significant in managing new and small enterprises. It emphasizes that in situations of uncertainty, business decisions and financial reporting should err on the side of caution. This means potential expenses and losses should be recognized as soon as they are reasonably foreseeable, while ____ _________ ___ _________ _____ _________ ________ _____.
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