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WAEC Financial Accounting 2019 Question 43

Question 43

Accounting Concepts and Conventions

The accounting concept which stipulates that income and expenses should be matched to determine profit or loss is

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

Answer: B (accrual concept.)

Explanation

The accruals (matching) concept sets expenses against the income of the same period.