Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 5 - No. 31)
Which of the following is a fundamental concept in accounting?
Accounting for the profit or loss, in the appropriate accounting period.
Making the adjustment so the income statement can include the sales and expenses.
Ensure all cash in and cash out has been included.
Calculating the profit for a given time.
Explanation
Matching the revenue with the expense in the accounting period is a key concept in financial accounting.
Comments (0)
