A Broad Principle That Requires Identifying the Activities of a Business

question 163

Multiple Choice

A broad principle that requires identifying the activities of a business with specific time periods such as months,quarters or years is the:

• A)Operating cycle of a business
• B)Time period principle
• C)Going-concern principle
• D)Matching principle
• E)Accrual basis of accounting

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Definitions:

Representative Heuristic

A cognitive shortcut that involves judging the probability of an event by its resemblance to a prototype or typical example, potentially leading to biases in decision-making.

Traditional Beliefs

Conventional or long-established opinions, convictions, or customs within a culture or society.

Romantic Relationships

Emotional and physical connections between people that often involve love, attraction, and a commitment to spend time together.

Effective Communication

The process of exchanging information in a way that the intended message is received and understood clearly by all parties involved.