The Requirement to Report Accounting Information at Regular Intervals Is

question 2

Multiple Choice

The requirement to report accounting information at regular intervals is known as the:

• A)interim reporting concept.
• B)revenue principle.
• C)time-period concept.
• D)expense recognition principle.

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Definitions:

Purchases Journal

The purchases journal is a specialized accounting ledger that tracks all purchase transactions of a business, including inventory purchases on credit.

Supplies Account

An account in the general ledger that records the amount spent on supplies that are used in the operation of a business.

General Journal

A ledger where all financial transactions of a business are initially recorded using double-entry bookkeeping.

Purchases Journal

A financial journal used to record all purchases of goods and services on credit.