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

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Definitions:

Employed Category

Classification of individuals within the labor force who currently have jobs or are working.

Unemployed Category

A classification for individuals who are not currently employed but are actively seeking work and available to start work.

Unemployed Category

The classification of individuals in the labor force who are without a job but actively seeking employment.

Bureau of Labor Statistics

A US government agency that collects, processes, and disseminates essential statistical data on labor market activity, working conditions, and price changes in the economy.