The True Statement Concerning the Accounting Period Is

question 14

Multiple Choice

The true statement concerning the accounting period is:

• A)The length of the accounting period varies with the needs of users.
• B)The accounting period originates from the accounting equation
• C)Accounting periods are hardly ever shorter than 6 months
• D)The accounting period is the sequence of events from transactions through to financial statements

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Definitions:

Marginal Revenue Product

The extra income produced by using an additional unit of a resource, such as manpower or investment.

Going Wage

The prevailing wage level for a given job in a specific market or industry, often determined by the balance of supply and demand for labor.

Labor

The deployment of human physical and cognitive efforts towards the creation of goods and the provision of services.

Equilibrium Price

The cost at which the amount of a product consumers want to buy matches the amount that producers are willing to sell.