A basic unifying concept in accounting implies that?
FINANCIAL
JAMB 1999
A basic unifying concept in accounting implies that?
- A. where creditors'account is zero, the assets are equal to the owners' equity
- B. there should be a balance in the creditors' account in order to measure total assets
- C. revenues should be supported by invested and owners'capital
- D. total assets can be less than liabilities and equity
Correct Answer: A. where creditors'account is zero, the assets are equal to the owners' equity
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