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WAEC Financial Accounting 2019 Question 10

Question 10

Accounting Concepts and Conventions

The concept which seeks to prevent profits from being overstated is

  1. A.materiality.
  2. B.consistency.
  3. C.prudence.
  4. D.periodicity.
Show the answer and explanation

Answer: C (prudence.)

Explanation

Prudence avoids overstating profits and assets.