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WAEC Financial Accounting 2002 Question 47

Question 47

Accounting Concepts and Conventions

"Accountants do not count chickens before they are hatched". This is the concept of

  1. A.accrual
  2. B.materiality
  3. C.realisation
  4. D.going-concern
Show the answer and explanation

Answer: C (realisation)

Explanation

Profit is not taken until it is realised (earned), the realisation concept.