With regard to accounting concepts which of the following statements are correct? (i) The realisation concept requires

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With regard to accounting concepts which of the following statements are correct?

(i) The realisation concept requires that income should not be accounted for until it is received in cash

(ii) Accounting should reflect commercial substance rather than legal form

(iii) Whenever faced with uncertainty prudence should prevail

(iv) For promoting comparability of financial statements consistency should take precedence over concepts such as prudence and accruals

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Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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Question Posted: Aug 31, 2023 02:25 AM

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With regard to accounting concepts which of the following statements are correct? (i) The realisation concept requires

Question:

a ii, iii and iv bi, iii and iv ci, ii and iv di, ii, iii and iv

Step by Step Answer:

a i...View the full answer

Financial Accounting An Introduction

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