The Accounting Convention That Requires the Continuous Life of the Business

question 34

Multiple Choice

The accounting convention that requires the continuous life of the business to be divided into time periods of the same length for the purpose of measuring profit, is the:

• A) accounting period convention.
• B) matching convention.
• C) going concern convention.
• D) business entity convention.

---

Definitions:

Competition Act

Legislation aimed at preventing anti-competitive practices in the marketplace, ensuring fair competition among businesses.

Conspiracy

Agreement between firms to unduly lessen competition.

Competition Act

Legislation aimed at preventing anti-competitive practices in the marketplace, protecting consumers, and promoting fair and efficient competition.

Fixed Price

A pricing strategy where the price of a product or service is agreed upon and does not change, regardless of market fluctuations.