WAEC Accounting 2017 Objective — Question 16

Question 16 of 50 from the West African Examinations Council (WAEC) Accounting 2017 Objective paper, with the correct answer and a full explanation.

16. The prudence concept demands that

A. A. care is exercised in recognition of profitCorrect
B. B. loss should not be anticipated
C. C. profit should be reported at the earliest
D. D. income should be recognized and disclosed

Explanation

Prudence concept states that an accountant does not count its chicks till they are in cage. This means an accountant should be careful in recognizing profit.

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.

Create free account

More questions from Accounting 2017 Objective More Accounting past papers