WAEC Accounting 2023 Objective — Question 3
Question 3 of 50 from the West African Examinations Council (WAEC) Accounting 2023 Objective paper, with the correct answer and a full explanation.
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A business should not lay claim to any profit before it is earned. This is in accordance with the
- A. consistency concept.
- B. prudence concept.Correct
- C. dual aspect concept.
- D. going concern concept.
Explanation
The prudence concept requires that income should not be recognised until it is actually earned.
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