The following statement describes an accounting concept. In conditions of uncertainty more confirmatory evidence is required about the existence of an asset or a gain than about the existence of a liability or a loss.' The accounting concept which governs the above is the • A. Accruals concept • B. Dual aspect concept C. Going concern concept • D. Separate entity concept E. Materiality concept F. Prudence concept'

The following statement describes an accounting concept. In conditions of uncertainty more confirmatory evidence is required about the existence of an asset or a gain than about the existence of a liability or a loss.' The accounting concept which governs the above is the • A. Accruals concept • B. Dual aspect concept C. Going concern concept • D. Separate entity concept E. Materiality concept F. Prudence concept'

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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