Question

According to which concept, the financial records should always be published in a definite time period?

• A. Accounting period
• B. Consistency
• C. Cost Concept
• D. Money Measurement

Answer 1

The correct option is A

Accounting period

Financial statements are prepared on regular intervals to maintain periodicity. Conventionally, it is prepared on a yearly basis so that timely information is available to the interested users. This concept is covered by Accounting period also known as periodicity.