NECO Book Keeping 2015 Objective — Question 24
Question 24 of 40 from the National Examinations Council (NECO) Book Keeping 2015 Objective paper, with the correct answer and a full explanation.
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The concept that cost and benefit in a period should be matched to determine profit or loss is in line with
- A. going concern concept
- B. money measurement concept
- C. accrual conceptCorrect
- D. duality concept
Explanation
The accrual (matching) concept requires that costs and benefits (revenues) relating to a period be matched together to determine profit or loss for that period.
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