Explanation

Explanation

• Prudence is the accounting concept associated with FRS 38 (and its international equivalent, IAS 38 Intangible Assets),
• Financial Reporting Standard 38 (FRS 38)
• It helps avoid overstating assets or income.
• It is associated with careful recognition and measurement.

Explanation

• Replacement Cost Accounting uses current replacement costs.
• It differs from historical cost, which uses the original acquisition cost.
• It provides information about the current cost of replacing assets.
• It can be useful when prices change significantly.

Explanation

• Ombudsmen are not considered a traditional pillar of Public Administration.
• Traditional Pillars
• Executive: Enforces and carries out laws.
• Legislature: Makes and passes laws.
• Judiciary: Interprets laws and applies justice.

Explanation

• Public Administration draws its foundation mainly from Political Science and Management Science.
• Political Science: Defines the policies, laws, and public purpose of government.
• Management Science: Provides the tools for execution, efficiency, and organizational structure
• Law: Establishes the rules, boundaries, and accountability.