In Order to Prepare Financial Information for Interested Parties Chambers

question 2

Multiple Choice

In order to prepare financial information for interested parties Chambers Company divides the economic activity of the firm into three-month segments and prepares financial statements at the end of each segment.Which accounting assumption is Chambers applying?

• A)Accounting period
• B)Materiality
• C)Accounting entity
• D)Going concern

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Definitions:

Unemployment

The state of being without a job despite being willing and able to work.

Verbal Communication

The use of spoken or written words to convey messages, ideas, or feelings to others.

Capping

In an academic context, it refers to the ceremonial placing of a cap, as part of graduation ceremonies. In other contexts, it might need clarification.

Rapping

A musical form of vocal delivery that incorporates rhyme, rhythmic speech, and street vernacular, which is performed or chanted in a variety of ways, usually over a backing beat or musical accompaniment.