Question

2. Under which Principle, the expected losses have to be recorded as Loss in the books of accounts?​

Answer 1

Answer:

According to the convention of conservatism, all anticipated losses should be recorded in the books of accounts but all anticipated gains should be ignored.

Answer 2

Explanation:

According to the convention of conservatism, all anticipated losses should be recorded in the books of accounts but all anticipated gains should be ignored.

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