JAMB Accounting 2014 Objective — Question 3

Question 3 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.

A concept which states that revenue should be recognized at the point when the sale is deemed to have been made is

A. matching
B. consistency
C. realizationCorrect
D. going concern

Explanation

The realization concept states that money is not received until it is earned. This enables an accountant to record money on sales when sales is finalized.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Accounting 2014 Objective More Accounting past papers