• 1 Marks

FA – Nov 2021 – L1 – SA – Q8 – Accounting Concepts

This question identifies which of the provided options is not an accounting concept.

Accounting concepts are generally accepted principles used in the preparation and presentation of financial statements. Which of the following is NOT an accounting concept?
A. Going concern
B. Impairment
C. Matching
D. Periodicity
E. Prudence

B

Explanation:
Impairment is not an accounting concept but a term used in accounting to describe a permanent reduction in the value of an asset.

Back to all questions

Pick a Form

Professional Tutor Application Form
Academic Tutor Application Form
Student Tutor Application Form