Accounting 101 - Conservatism accounting principle

Conservatism, or prudence. The main idea is that it’s better to be safe than sorry. According to the conservatism principle, all anticipated or probable losses are recorded as and when they occur, while anticipated profits are not recorded, but only when the profits are earned. Philip de Vroe (The Finance Storyteller) aims to make accounting, finance and investing enjoyable and easier to understand. Learn the business and accounting vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better investing decisions. Philip delivers #financetraining in various formats: YouTube videos, livestreams, classroom sessions, and webinars. Connect with me through Linked In! Want to get access to bonus content, and/or express your gratitude by buying me a cup of tea? Join my channel as a member through https://www.youtube.com/channel/UCQQJnyU8fALcOqqpyyIN4sg/join