A-LevelAccountingThe accounting cycle9706/12 · Feb/Mar 2020 · Q11 Mark
A trader sells goods for $6600 to a customer on 31 March 2019, the last day of his financial year. He does not produce an invoice until three days later. He is advised that the sales of $6600 should be entered in the financial statements for the year ended 31 March 2019. Which accounting concepts are being applied? 1 consistency 2 prudence 3 realisation
A1 and 2
B2 and 3
C2 only
D3 only
✓ Correct answer
D: 3 only
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