A business should not lay claim to any profit before it is earned. This is...

Accounts - Principles of Accounts

JAMB 2025

A business should not lay claim to any profit before it is earned. This is in accordance with the

A. prudence concept
B. going concern concept
C. consistency concept
D. dual aspect concept

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Correct Answer: Option A

Explanation

The prudence concept means a business should not anticipate profits but must provide for all possible losses. Profits should only be recognized when they are earned.

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A business should not lay claim to any profit before it is earned. This is...

Correct Answer: Option A

Explanation

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