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  5. A business should no...

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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