A business should not lay clai...
A business should not lay claim to any profit before it is earned. This is in accordance with the
Going concern concept
Prudence concept
Dual aspect concept
Consistency concept
Correct answer is B
Prudence also known as conservatism. This principles state that the accountant should not anticipate income and will normally take the figure that will understate rather than overstate the profit.
The process of allocating the cost of an intangible assets over its useful life is known as ...
\(\begin{array}{c|c} & ₦\\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpre...
Opening stock ₦ Department A B 100 800 ...
Profits are recognised when goods are sold. What concept is this? ...
OGOGO'S SALES LEDGER LEDGER CONTROL ACCOUNT \(\begin{array}{c|c} & D & & D \\ \...
July 30 Closing stock 100 units at N90 July 8 Purchased 200 units at N95 July 10 Sold 160 units J...
The partnership deed normally specifies? ...
The document used in government accounting to shoe evidence of cash receipt and payments is the ...