Which of the following are common accounting concept?
W. Accrual concept
X. Evidence concept
Y. Matching concept
Z. Reliability concept.

X & Z

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W only

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W, Y & Z

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W & Y

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Solution

The correct option is C W & Y
Accrual concept is based on the premise that revenues & expenses should be recorded in the books of accounts, whenever you have earned income or incurred expenses.
Matching concept may fall between two different time period, however accrual concept is applicable only within a particular time period.

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According to accrual concept of accounting, financial or business transaction is recorded:

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