Accounting Concepts Unit 2 Quiz Select the correct accounting concept to be used in the following circumstances 4.0 / 5 based on 9 ratings ? AccountingASAQA Created by: HollyCreated on: 06-06-10 11:43 A fixed asset costs £10,000. It is expected to have a life of 10 years with no residual value. Depreciation is to be charged at £1,000 per annum prudence 1 of 5 A customer is expected to place a substantial order worth £8800 next month Realisation 2 of 5 A regular customer who owes £2720 has just gone into liquidation Prudence 3 of 5 Audrey puts some of her home telephone bill on the business profit and loss account, as she regularly uses her home telephone to ring clients. business entity 4 of 5 Wages outstanding at the end of the financial year: £362 Accruals 5 of 5
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