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WAEC Financial Accounting 2022 Question 27

Question 27

Accounting Concepts and Conventions

Provision for doubtful debts is made in conformity with

  1. A.materiality concept
  2. B.prudence concept
  3. C.money measurement concept
  4. D.business entity concept
Show the answer and explanation

Answer: B (prudence concept)

Explanation

Prudence requires likely losses to be provided for.