The concept that states that a business should not lay cl...
The concept that states that a business should not lay claim to any profits before it is earned with reasonable certainty is
Constitency concept
Prudence concept
Accrual concept
Going corncern concept
Correct answer is C
Accrual concept is the most fundamental principle of accounting which requires recording revenues when they are earned and not when they are received in cash, and recording expenses when they are incurred and not when they are paid.
Use the following to answer the given question UCHENNA ENTERPRISES: Balance sheet as at 31st De...
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