The recognition of all income and expenditure in the accounting period in which they occurred, rather than in the accounting period in which cash is received or paid, describes which accounting convention?
A) Money measurement
B) Periodicity
C) Dual aspect
D) Accruals

Question

Quizplus · Accepted Answer

The accruals convention states that income and expenses should be recorded in the period they occur, regardless of when cash transactions happen.

The Recognition of All Income and Expenditure in the Accounting