WAEC Accounting 2013 Objective — Question 26

Question 26 of 50 from the West African Examinations Council (WAEC) Accounting 2013 Objective paper, with the correct answer and a full explanation.

The accounting principle that states that, in the preparation of accounting statement, revenue are recognised as soon as goods are passed on to the customer is the

A. materiality concept
B. matching concept
C. consistency concept
D. realization conceptCorrect

Explanation

Matching concept states that cost and revenue are recognised when they are actually incurred. Realization concept states that revenue is recognised as soon as goods are passed on to the customer.

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