Neco Model Questions Vol1 2018 Financial Accounting Question 44
Practice objective / multiple choice question 44 from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
A company records the purchase of a delivery van costing \(₦2,500,000\) as an expense in the income statement in the year of purchase, rather than capitalising it as an asset. Which fundamental accounting concept is violated by this treatment?
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About This Question
This is Neco Model Questions Vol1 2018 Financial Accounting Question 44. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Easy .
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