The accounting principle that states that, In the prepara...
The accounting principle that states that, In the preparation of account statements, revenues are recognized as soon as goods is passed on to the customer is the
Materiality concept
Matching concept
Constituency concept
Realization concept
Correct answer is D
The realization principle is the concept that revenue can only be recognized once the underlying goods or services associated with the revenue have been delivered or rendered, respectively.
OGOGO'S SALES LEDGER LEDGER CONTROL ACCOUNT \(\begin{array}{c|c} & D & & D \\ \...
Use the following information, \(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\...
What is the subscription to be charged to income and expenditure account? ...
Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde's ledger contr...
In departmental accounts, administrative expenses are recorded in the ...
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} &am...
\(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} &...