WAEC Accounting 2016 Objective — Question 12
Question 12 of 50 from the West African Examinations Council (WAEC) Accounting 2016 Objective paper, with the correct answer and a full explanation.
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12. In the preparation of the Trading Account of Omuya Ltd., the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the A. materiality concept B. dual aspect concept C. matching concept D. money measurement concept
- A. materiality concept
- B. dual aspect concept
- C. matching conceptCorrect
- D. money measurement concept
Explanation
Matching concept states that accounts relating to a particular year should be matched with the year. Since the sale is made during the year, then it must appear in the account for the year.
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