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1.(a) How does an accountant follow the principle anticipate no profit, provide for all losses ? On which accounting concept is this based ? Explain

1.(a) How does an accountant follow the principle "anticipate no profit, provide for all losses" ? On which accounting concept is this based ? Explain it and discuss its significance.

(b) Distinguish between Financial Accounting and Management Accounting. What is the most important role of a Management Accountant in a business organisation ? Discuss.

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