Which of the Following Statement Regarding the Time-Period Concept Is

question 43

Multiple Choice

Which of the following statement regarding the time-period concept is NOT correct?

• A) Ongoing companies can wait till they go out of business to measure income.
• B) Accountants prepare financial statements for specific periods.
• C) The basic accounting period is one year.
• D) Most large companies use a calendar year.

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Definitions:

Cylindrical Cam

A rotating cylinder designed to convert rotary motion into linear motion of a follower by means of a contoured surface.

Reciprocating Machine Element

A component of machinery that moves back and forth or up and down, typically converting rotary motion into linear motion or vice-versa.

Rotating

Refers to an object or part that moves in a circle around an axis or point, commonly seen in machinery and mechanical devices.

Oscillating

Moving or swinging back and forth at a regular speed.