Question

Identify the principle of Accounting “Do not anticipate a profit, but always anticipate for all possible 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:

Answer 2

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Explanation:

“Conservatism Concept”

This concept is also known as Prudence concept, and the concept states that all anticipated losses should be recorded in the books while all the anticipated profits should be ignored.

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