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The concept which states that revenue is recognized when goods are sold is

Accounts - Principles of Accounts
WAEC 2018

The concept which states that revenue is recognized when goods are sold is

  • A. realization concept
  • A. going concern concept
  • B. matching concept
  • C. periodically concept
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Correct Answer: Option A
Explanation

The realization concept states that revenue can only be recognized once the available goods or services associated with the revenue have been delivered or sold.

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