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WAEC Financial Accounting 2018 Question 20

Question 20

Accounting Concepts and Conventions

The concept which states that revenue is recognized when goods are sold is

  1. A.Realisation concept.
  2. B.Matching concept.
  3. C.Periodicity concept.
  4. D.Going concern concept.
Show the answer and explanation

Answer: A (Realisation concept.)

Explanation

Revenue is realised at the point of sale.