"Accounting must be carried out in a manner that allows financial information to

"Accounting must be carried out in a manner that allows financial information to be recorded and presented in a prudent and conservative manner.". Application in the professional practice of law: As a lawyer, This principle is relevant to the extent that it allows companies' financial information to be evaluated in a prudent and conservative manner., which is essential in cases of litigation or disputes related to financial information. This makes it possible to avoid overestimating or underestimating the company's assets and liabilities..