JAMB Accounting 2019 Objective — Question 19

Question 19 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2019 Objective paper, with the correct answer and a full explanation.

Which accounting concept supports the assertion that economic reality takes precedence over legal issues?

A. Realization concept
B. Substance over formCorrect
C. Conservatism
D. Measurement concept

Explanation

Substance over form is the concept requiring that a transaction be reflected according to its economic substance, rather than merely its legal form.

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