Which of the Following Is the Time-Period Concept

question 154

Multiple Choice

Which of the following is the time-period concept?

• A) The concept that ensures that information is reported at regular intervals
• B) The concept that determines when to record revenues
• C) The concept that determines when to record expenses
• D) None of the above

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Definitions:

Protect the Public

Measures, laws, or actions taken to safeguard the welfare and safety of the general public, typically in the context of health, safety, and security.

Payments

The act of transferring money or other consideration from one party to another as fulfillment of an obligation or purchase.

Divisible Contract

An agreement comprising multiple promises or parts that can be separated and independently executed or enforced.

Consideration

Something of value exchanged between parties in a contract, making the agreement legally binding.