passwella.
Menu

JAMB Principles of Accounts 1994 Question 2

Question 2

Accounting Concepts and Conventions

Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as

  1. A.passing of entries
  2. B.consistency convention
  3. C.matching concept
  4. D.adjusting for revenue.
Show the answer and explanation

Answer: C (matching concept)

Explanation

The matching concept sets the revenue of a period against the expenses incurred to earn it in that same period.