A. accruals
B. materiality
C. objectivity
D. periodicity
Correct Answer:
Option A – accruals
Explanation
Accrual concept is the most fundamental principle of accounting which requires recording revenues when they are earned and not when they are received in cash, and recording expenses when they are incurred and not when they are paid.
Do you want to study Agricultural Extension in OOU? Before you apply for the OOU…
Do you want to study Agricultural Economics in OOU? Before you apply for the OOU…
Do you want to study Cooperative and Business Management in OOU? Before you apply for…
Do you want to study Home and Hotel Management in OOU? Before you apply for…
Do you want to study Animal Production in OOU? Before you apply for the OOU…
Do you want to study Crop Production in OOU? Before you apply for the OOU…