Question: a) State and explain which accounting concepts are applicable or should be followed in the following situations, giving your reasons for the concept chosen: iv.

a) State and explain which accounting concepts are applicable or should be followed in the following situations, giving your reasons for the concept chosen:

iv. A contractor has estimated that a loss of Kshs.2 million will be incurred by the end of a contract whose completion is expected by 31st December 2021. The contractor's accounts are being prepared for the year ended 30th June 2021. (2 Marks)

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