Gce Model Questions Vol1 2024 Financial Accounting Question 17

Practice objective / multiple choice question 17 from the 2024 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2024 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 17 GCE_MODEL_QUESTIONS_VOL1 • 2024 • FINANCIAL_ACCOUNTING • objective

A business records the purchase of inventory on credit but fails to record the corresponding liability. Which fundamental accounting concept is being violated?

Answer Options

A. Revenue recognition concept
B. Matching concept
Correct Answer C. Accruals concept
D. Conservatism concept
Correct Answer
C
Correct Option:
Accruals concept

About This Question

This is Gce Model Questions Vol1 2024 Financial Accounting Question 17. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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