A new modification to the Gilmore model is introduced to accurately simulate the effects of liquid shear and bulk viscosity and compressibility on the radial cavitation dynamics of a single bubble under a driving ultrasound field. Furthermore, in order to an accurate description of interior gas thermodynamics, a hydrochemical model, in which the heat and mass interchange across the bubble wall and also the chemical reactions are included, is used. The results of newly developed model are compared to those attained from the more practical Gilmore model. The simulations result for a single argon bubble in water show that neglecting the terms related to liquid viscosity and compressibility in the momentum conservation equation could affect the maximum temperature and pressure inside the bubble at the final moments of collapse. Under the conditions used in this study, the maximum pressure changes up %2. Moreover, the temporal evolution of water vapor particles meets the results obtained using the molecular dynamics simulation.