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The idea that a company's life can be divided into distinct time periods so that accounting information can be reported on a timely basis is the: A) Accrual basis accounting B) Time period concept C) Fiscal year concept D) Revenue recognition concept

The idea that a company's life can be divided into distinct time periods so that accounting information can be reported on a timely basis is the: A) Accrual basis accounting B) Time period concept C) Fiscal year concept D) Revenue recognition concept

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The idea that a company's life can be divided into distinct time periods so that accounting information can be reported on a timely basis is the: A) Accrual basis accounting B) Time period concept C) Fiscal year concept D) Revenue recognition concept
Transcribed Image Text:The idea that a company's life can be divided into distinct time periods so that accounting information can be reported on a timely basis is the: A) Accrual basis accounting B) Time period concept C) Fiscal year concept D) Revenue recognition concept
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