Neco 2021 Financial Accounting Question 42

Practice objective / multiple choice question 42 from the 2021 Neco Financial Accounting examination.

Neco 2021 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 42 NECO • 2021 • FINANCIAL_ACCOUNTING • objective

A company records the purchase of raw materials on 1 March and pays for them on 30 March. Which fundamental accounting concept does this transaction illustrate?

Answer Options

A. Cash concept
B. Conservatism concept
C. Consistency concept
Correct Answer D. Accrual (matching) concept
Correct Answer
D
Correct Option:
Accrual (matching) concept

About This Question

This is Neco 2021 Financial Accounting Question 42. It is one of the objective questions from the 2021 Neco Financial Accounting examination.

Difficulty level: Easy .

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