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WAEC Financial Accounting 2023 Question 6

Question 6

Accounting Concepts and Conventions

The accounting concept which is the basis upon which assets of a business are valued is the

  1. A.consistency concept.
  2. B.dual aspect concept.
  3. C.historical cost concept.
  4. D.accrual concept.
Show the answer and explanation

Answer: C (historical cost concept.)

Explanation

Assets are recorded at what they cost: the historical cost concept.