WAEC Accounting 2014 Objective — Question 29
Question 29 of 50 from the West African Examinations Council (WAEC) Accounting 2014 Objective paper, with the correct answer and a full explanation.
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The concept that states that a business should not lay claim to any profit before it is earned with reasonable certainty is
- A. consistency concept
- B. prudence conceptCorrect
- C. accrual concept
- D. going concern concept
Explanation
The prudence concept states that profits should not be recognised/anticipated until they are realised with reasonable certainty.
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