Violations – NBC Institute

FA – May 2018 – L1 – SA – Q18 – Accounting Concepts

Identifies the accounting concept violated when expenses are not charged in the correct period.

Question

What accounting concept is violated when N50,000 cost of electricity consumed during the first year of operation of a business was not charged as expense for the year?
A. Accrual
B. Materiality
C. Historical cost
D. Business entity
E. Prudence

Answer

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Tags: Accounting Concepts, Financial Statements, Violations
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2018

Question Tag: Violations

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FA – May 2018 – L1 – SA – Q18 – Accounting Concepts

Identifies the accounting concept violated when expenses are not charged in the correct period.

FA – May 2018 – L1 – SA – Q18 – Accounting Concepts

Identifies the accounting concept violated when expenses are not charged in the correct period.

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FA – May 2018 – L1 – SA – Q18 – Accounting Concepts

Identifies the accounting concept violated when expenses are not charged in the correct period.

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FA – May 2018 – L1 – SA – Q18 – Accounting Concepts

Identifies the accounting concept violated when expenses are not charged in the correct period.

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