Land on lease should be shown in balance sheet contrary to fact that company doesn't own this piece of land. This is the statement of what accounting concepts?

Matching concept

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Accrual concept

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Prudence concept

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Substance over form

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Solution

The correct option is B Substance over form
Land on lease should be shown in the Balance sheet contrary to the fact that the company does not own that piece of land is the implementation of Substance over form concept.
Substance over form in accounting refers to a concept that transactions recorded in the financial statements must reflect their economic substance rather than their legal form.

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