Which of the Following Accounting Principles Does NOT Help to Explain

question 63

Multiple Choice

Which of the following accounting principles does NOT help to explain the timing and recognition of revenues and expenses?

• A) time period concept
• B) revenue recognition principle
• C) economic entity concept
• D) matching principle

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Definitions:

Grantor

An individual or entity that transfers ownership of an asset to another through a legal document.

Durable Power of Attorney

A legal document that grants another person the authority to make decisions on behalf of the grantor, particularly in matters of finance and healthcare, and remains in effect even if the grantor becomes incapacitated.

Health-Care Power of Attorney

A legal document that designates an individual to make medical decisions on another's behalf in the event they are unable to do so themselves.

Constructive Trust

A legal remedy imposed by a court to prevent unjust enrichment by transferring property from the holder to the rightful beneficiary.