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WAEC Financial Accounting 2021 Question 45

Question 45

Accounting Concepts and Conventions

Accounting concepts are rules of accounting which are to be

  1. A.taught in all accounting classes.
  2. B.implemented by all professional bodies.
  3. C.followed in the preparation of financial statements.
  4. D.applied in correction of business errors.
Show the answer and explanation

Answer: C (followed in the preparation of financial statements.)

Explanation

Concepts are the basic rules followed when preparing financial statements.