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Conservatism is an important principle of financial accounting that guides accountants in dealing with uncertainty and estimates while preparing financial statements. It is also known as the principle of prudence. The principle suggests that accountants should exercise reasonable caution when recording transactions and preparing accounts, particularly when there is uncertainty about future events. Under conservatism, expected losses should be recognized when they are reasonably anticipated, whereas anticipated profits should not be recognized until they are actually realized or there is sufficient certainty about them. The main purpose of conservatism _____ ____ __________ __________ _________ _____ ____ _________ ________ _______ ______ ____.
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