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WAEC Financial Accounting 2019 Question 42

Question 42

Accounting Concepts and Conventions

The concept that recognizes revenue at the time of sale and not only when cash is received is

  1. A.cost concept.
  2. B.realization concept.
  3. C.accrual concept.
  4. D.duality concept.
Show the answer and explanation

Answer: B (realization concept.)

Explanation

Revenue is realised when the sale takes place.