Proper reporting of revenues and expenses in a period is due to the accounting period concept.

Name: Proper reporting of revenues and expenses in a 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 be properly recorded and reported in the period in which they occurred. This helps to ensure accurate financial statements and facilitate decision making for stakeholders.

Proper Reporting of Revenues and Expenses in a Period Is