Gce Model Questions Vol1 2022 Financial Accounting Question 7

Practice objective / multiple choice question 7 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2022 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 7 GCE_MODEL_QUESTIONS_VOL1 • 2022 • FINANCIAL_ACCOUNTING • objective

A business records revenue only when cash is received, ignoring sales made on credit. Which fundamental accounting concept is being violated?

Answer Options

A. Matching concept
B. Conservatism concept
C. Cash basis concept
Correct Answer D. Accruals (revenue‑recognition) concept
Correct Answer
D
Correct Option:
Accruals (revenue‑recognition) concept

About This Question

This is Gce Model Questions Vol1 2022 Financial Accounting Question 7. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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