Which of the Following Is Not Regarded as a Period

question 25

Multiple Choice

Which of the following is not regarded as a period of accounting theory development?

• A)The normative period
• B)The pre-scientific period
• C)The positive accounting theory period
• D)The mixed development period

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Definitions:

Financial Statements

The formal records of the financial activities and position of a business, individual, or other entity, presenting the results of operations and the financial status through three primary documents: balance sheet, income statement, and cash flow statement.

Net Income

The residual profits a company holds after deducting expenses, taxes, and costs from the gross income.

Stockholders' Equity

The residual interest in the assets of an entity that remains after deducting its liabilities; also known as shareholders' equity.

Deferral

In accounting, the postponement of recognition of an expense or revenue that has been incurred or earned to a later accounting period.