WAEC Accounting 2019 Objective — Question 43
Question 43 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 accounting concept which stipulates that income and expenses should be matched to determine profit or loss is
- A. cost concept
- B. accrual conceptCorrect
- C. objectivity concept
- D. realization concept
Explanation
The matching/accrual concept stipulates that income and expenses should be matched within the same period to determine profit or loss.
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