WAEC Accounting 2021 Objective — Question 34

Question 34 of 50 from the West African Examinations Council (WAEC) Accounting 2021 Objective paper, with the correct answer and a full explanation.

The concept that enables a business to determine the actual profit or loss for a particular period is

A. accrual conceptCorrect
B. business entity concept
C. consistency concept
D. going concern concept

Explanation

The accrual concept ensures that costs and revenue related to a particular accounting period are recorded and identified for that relevant year, enabling determination of actual profit or loss.

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