Question on: WAEC Accounting - 2013
The accounting principle that states that, In the preparation of account statements, revenues are recognized as soon as goods is passed on to the customer is the
A
materiality conccept
B
matching concept
C
constitiency concept
D
realization concept
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Correct Option: D
TheĀ realization principleĀ is theĀ conceptĀ that revenue can only be recognized once the underlying goods or services associated with the revenue have been delivered or rendered, respectively.
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