NABTEB Accounting 2023 Objective — Question 6
Question 6 of 50 from the National Business and Technical Examinations Board (NABTEB) Accounting 2023 Objective paper, with the correct answer and a full explanation.
Advertisement
The accounting concept which is the basis upon which assets of a business are valued is the (a) consistency concept (b) dual aspect concept (c) historical cost concept (d) accrual concept
- A. consistency concept
- B. dual aspect concept
- C. historical cost conceptCorrect
- D. accrual concept
Explanation
Under the historical cost concept, assets are recorded in the books at the price paid to acquire them.
Advertisement
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.