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WAEC Financial Accounting 2013 Question 43

Question 43

Accounting Concepts and Conventions

The basic assumption which underlines the preparation of periodic financial statement is known as accounting

  1. A.bases.
  2. B.techniques.
  3. C.concepts.
  4. D.method.
Show the answer and explanation

Answer: C (concepts.)

Explanation

The basic assumptions behind financial statements (entity, going concern, accruals etc.) are called accounting concepts.