The _____ concept requires a company to report its economic activities on a regular basis for a specific period.
The _____ concept requires a company to report its economic activities on a regular basis for a specific period.
Chapter1: Accounting As A Tool For Managers
Section: Chapter Questions
Problem 3EB: Companies need to report both monetary and nonmonetary data and information. A. Define these two...
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Question
The _____ concept requires a company to report its economic activities on a regular basis for a specific period.
a.objectivity
b.cost
c.matching
d.time period
Expert Solution
Step 1 Explanation:
As per the time period concept company is required to report its economic activities on a regular basis for a specific period of time. Financial conditions and changes in financial conditions are reported periodically on a consistent basis.
The time period concept is one of the fundamental accounting principles.
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