JAMB Accounting 2012 Objective — Question 2
Question 2 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2012 Objective paper, with the correct answer and a full explanation.
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The basis upon which assets of an organization is valued is the
- A. historical conceptCorrect
- B. business entity concept
- C. periodicity concept
- D. materiality concept
Explanation
The historical concept emphasizes that assets should be recorded at the cost of acquisition.
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