WAEC Accounting 2018 Objective — Question 20
Question 20 of 50 from the West African Examinations Council (WAEC) Accounting 2018 Objective paper, with the correct answer and a full explanation.
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The concept which states that revenue is recognized when goods are sold is
- A. realization conceptCorrect
- B. matching concept
- C. periodicity concept
- D. going concern concept
Explanation
The realization concept states that revenue should be recognised at the point goods are sold (or service rendered).
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