Question

Concepts related to income measurement and preparation of financial statements ___________.

• A. Going concern concept
• B. Accounting Period concept
• C. Matching concept
• D. All of the above

Answer 1

Answer: (D)

All of the above

Accounting concepts basically are the rules to be followed by a firm while preparing the financial statements. These concepts basically are going concern concept, accouting period concept, matching concept, accrual concept, etc.