Question

According to Concept, An
accountant should not anticipate
profit but he should make provision
for all losses.​

Answer 1

Answer:

According to the Conservatism Principle, profits should not be anticipated; however, all losses should be accounted (irrespective whether they occurred or not). It states that profits should not be recorded until they get recognised; however, all possible losses even though they may happen rarely, should be provided.

Explanation:

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Answer 2

Answer:

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