Sales revenue should be recognised when goods and services have been supplied; costs are incurred when goods and services have been received.
The accounting concept which governs the above is the:
A) accruals concept.
B) matching concept.
C) realisation concept
D) dual aspect concept.
Correct Answer:
Verified
Q2: Which of the following is not an
Q3: Inventory not sold in one period, should
Q4: Changing the valuation of inventory from LIFO
Q5: The historical cost convention
A) fails to take
Q6: A trader bought goods for resale on
Q7: Which of the following is not an
Q8: Which of the following is not an
Q9: The accounting concept which tends to understate
Q10: At the end of the accounting period
Q11: At the end of the accounting period
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