Reporting of revenues and expenses in the proper period is due to the accounting period concept.

Name: Reporting of revenues and expenses in the proper period is due to the accounting period concept.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The accounting period concept requires that revenues and expenses are recognized in the period in which they occur, regardless of when cash is received or paid. This ensures that financial statements accurately reflect the financial performance of the business during a specific period of time.

Reporting of Revenues and Expenses in the Proper Period Is