Singapore GCE O-Level Principles Of Accounts Practice Questions - Singapore GCE O-Level Principles Of Accounts Exam

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A firm earns sales revenue in December 2025, but the customer settles the invoice in January 2026. Under the accrual concept, in which financial year should the revenue be recognized?

Financial year ended 31 December 2025 Financial year ended 31 December 2026 Split equally between 2025 and 2026 Recognized only when bank reconciliation is completed in 2026

Correct Answer:

Financial year ended 31 December 2025

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