ЁЯУв Too many exams? DonтАЩt know which one suits you best? Book Your Free Expert ЁЯСЙ call Now!
  • google app store apple app store
    • тЬЦ

      Question

      The 'Accounting Period Concept' states that the life of

      a business is divided into:
      A Unequal periods for reporting. Correct Answer Incorrect Answer
      B Artificial time intervals for measuring performance. Correct Answer Incorrect Answer
      C Periods based on cash flow cycles. Correct Answer Incorrect Answer
      D A single, continuous period. Correct Answer Incorrect Answer

      Solution

      The Accounting Period Concept (or Periodicity Concept) assumes that the indefinite life of a business is divided into shorter, regular, and artificial periods (like quarters or years) to allow for the timely preparation and reporting of financial statements.

      Practice Next
      More Accounts Questions

      Relevant for Exams:

      ask-question