WAEC Book Keeping 2024 Objective — Question 9

Question 9 of 40 from the West African Examinations Council (WAEC) Book Keeping 2024 Objective paper, with the correct answer and a full explanation.

9. Matching concept in accounting is the basis of I. determining periodic profits II. deferring unexpired costs III. differentiating between cost of goods sold and purchases

A. I, II and III.
B. II and III only.
C. I and III only.
D. I and II only.Correct

Explanation

Matching concept states that income and expenses should be matched with the year in which they are incurred.

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