WAEC - Accounts Principles Of Accounts (2023 - No. 30)
A business should not lay claim to any profit before it is earned. This is in accordance with the
going concern concept
prudence concept
dual aspect concept
consistency concept
Explanation
Prudence also known as conservatism. This principles state that the accountant should not anticipate income and will normally take the figure that will understate rather than overstate the profit.
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