The Concept That Assists Accountants in Determining How Often to Prepare

question 59

Multiple Choice

The concept that assists accountants in determining how often to prepare financial reports is the:

• A)Cost principle.
• B)Time-period assumption.
• C)Recognition criteria for revenue.
• D)Matching objective.

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Definitions:

Inventory

The complete list of items such as merchandise, raw materials, and products that are in stock within a business's possession.

Credentialization

Refers to the increasing demand for formal educational qualifications or credentials for employment or social status.

Meritocracy

A social system in which advancement in society is based on an individual's capabilities and merits rather than on the basis of family, wealth, or social background.

Allocation

The process of distributing resources, goods, or responsibilities among people, organizations, or sectors in a society.