What Accounting Concept Justifies the Usage of Accruals and Deferrals

question 53

Multiple Choice

What accounting concept justifies the usage of accruals and deferrals?

• A)Going concern assumption
• B)Materiality constraint
• C)Consistency characteristic
• D)Monetary unit assumption

---

Definitions:

Maintain Secrets

The obligation or practice of keeping information, such as trade secrets or confidential company information, undisclosed.

Business

The coordinated actions and initiatives of persons aimed at the generation and vending of goods and services for financial gain.

Revised Uniform Partnership Act

An updated version of a law guiding the operation of partnerships in the United States, focusing on the management, financial aspects, and dissolution of partnerships.

Loyalty

A strong feeling of support or allegiance towards someone or something.