GCE Book Keeping 2015 Objective — Question 7

Question 7 of 40 from the General Certificate of Education (GCE) Book Keeping 2015 Objective paper, with the correct answer and a full explanation.

The fundamental principles underlying the preparation and presentation of financial statements are accounting

A. bases
B. conceptsCorrect
C. policies
D. standards

Explanation

The fundamental principles underlying financial statement preparation and presentation are known as accounting concepts (such as going concern, accrual, prudence, etc.).

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