The Time Period Concept States That ________

question 22

Multiple Choice

The time period concept states that ________.

• A) financial statements can be prepared for specific periods
• B) all expenses should be recorded when they are incurred during the period
• C) companies should record revenue when it has been earned
• D) expenses incurred during a period should be matched against the revenues of the period

---

Definitions:

Event A

A specific outcome or type of outcome from a random process or experiment.

Reading Vision

The ability to see and interpret text, often measured to assess visual acuity and prescribe corrective measures.

Qualified Professional

An individual who has met the educational, training, or certification requirements necessary for a specific job or profession.

Selected Adults

A specific group of adult individuals chosen based on certain criteria for the purpose of a study or survey.