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The concept that “an accountant should not anticipate profit, but must provide for all losses” is known as
The materiality concept
The prudence concept
The consistency concept
The reduction concept
Prudence Concept or Conservatism principle is a key accounting principle that makes sure that assets and income are not overstated and provision is made for all known expenses and losses whether the amount is known for certain or just an estimation
By: honey kaundal ProfileResourcesReport error
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