Inventory not sold in one period, should be carried forward to the next period and released to the income statement in the next period if the goods are sold.
A) accruals concept.
B) matching concept.
C) realisation concept
D) dual aspect concept.
Correct Answer:
Verified
Q1: Sales revenue should be recognised when goods
Q2: Which of the following is not an
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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