Answered: The _____ concept requires a company to…

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Accounting

The _____ concept requires a company to report its economic activities on a regular basis for a specific period.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 3EB: Companies need to report both monetary and nonmonetary data and information. A. Define these two...

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Question

The _____ concept requires a company to report its economic activities on a regular basis for a specific period.

a.objectivity

b.cost

c.matching

d.time period

Expert Solution

Step 1 Explanation:

As per the time period concept company is required to report its economic activities on a regular basis for a specific period of time. Financial conditions and changes in financial conditions are reported periodically on a consistent basis.

The time period concept is one of the fundamental accounting principles.

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