JAMB Accounting 2022 Objective — Question 1

Question 1 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2022 Objective paper, with the correct answer and a full explanation.

1. Ensuring that revenues and expenditures are identified in the accounting period in which they occurred is the

A. (A) accrual concept
B. (B) materiality concept
C. (C) matching conceptCorrect
D. (D) consistency convention

Explanation

The matching concept states that revenue and expenses should be matched with (recognized in) the accounting year in which they are incurred.

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