WAEC Accounting 2019 Objective — Question 42
Question 42 of 50 from the West African Examinations Council (WAEC) Accounting 2019 Objective paper, with the correct answer and a full explanation.
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The concept that recognizes revenue at the time of sale and not only when cash is received is
- A. cost concept
- B. realization concept
- C. accrual conceptCorrect
- D. duality concept
Explanation
Accrual concept recognizes revenue when sales are made and expenses when they are incurred, not necessarily when cash changes hands.
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