7. Which fundamental accounting concept stipulates that revenues and profits are not anticipated, but recognized only when realized as cash?
A. Consistency
B. Prudence
C. Comparability
D. Accruals
Answer : B
7. Which fundamental accounting concept stipulates that revenues and profits are not anticipated, but recognized only when realized as cash?
A. Consistency
B. Prudence
C. Comparability
D. Accruals
Answer : B