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Question
According to_______ concept revenue is recognized when it is earned.
According to_______ concept revenue is recognized when it is earned.
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Solution
The correct option is C Accrual
Accrual concept is the most fundamental principle of accounting which requires recording revenue when they are earned and not when they are received in cash, and recording expenses when they are incurred and not when they are paid.
Accrual concept is the most fundamental principle of accounting which requires recording revenue when they are earned and not when they are received in cash, and recording expenses when they are incurred and not when they are paid.
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