WAEC Accounting 2023 Objective — Question 6
Question 6 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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The accounting concept which is the basis upon which assets of a business are valued is the
- A. consistency concept.
- B. dual aspect concept.
- C. historical cost concept.Correct
- D. accrual concept.
Explanation
The historical cost concept states that assets should be recorded in the accounts based on their original (historical) cost.
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