passwella.
Menu

JAMB Principles of Accounts 2012 Question 2

Question 2

Accounting Concepts and Conventions

The basis upon which assets of an organization is valued is the

  1. A.historical concept
  2. B.business entity concept
  3. C.periodicity concept
  4. D.materiality concept.
Show the answer and explanation

Answer: A (historical concept)

Explanation

Assets are recorded at what they cost when bought, the historical cost concept.