During the life-time of an entity, accountants prepare financial statements at a point of time in accordance with which basic accounting principles?

Cost-benefit

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Periodicity

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Conservatism

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Matching

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All of these

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Solution

The correct option is B Periodicity
The correct answer is periodicity. Periodicity means that accountants will assume that a company's ongoing activities can be presented(or reported)annually, monthly or quarterly.

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Similar questions

Q. During the lifetime of an entity accounting produce financial statements in accordance with, which basic accounting concept?

Q. Match List-I with List-II and select the correct answer using the codes given the lists.

List-I(Accounting concept)	List-II(Principle involved)
I. Consistency	(a) Losses are anticipated and accounted for in advance but profits are not accounted for until realised
II. Comparability	(b) All the relevant financial information should be summarised and presented in the accounting statements
III. Conservatism	(c) According procedures in an entity should be followed uniformly from period to period
IV. Disclosure	(d) Accounting statement of different periods of an entity and those of different entities of a period should be based on the same accounting principles and procedures
	(e) Personal Judgement of accountants should not influence accounting measurements

Which concept is the reason behind accounting the cost of a small calculator as an expense and not as an asset in financial statements of a business entity?

Q. At the time of preparation of financial accounts, bad debts recovered account will be transferred to______________.

Q. The valuation of a promise to receive cash in the future at present value on the financial statements of a business entity is valid by virtue of which accounting postulate or principle?

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During the life-time of an entity, accountants prepare financial statements at a point of time in accordance with which basic accounting principles?

The correct option is B PeriodicityThe correct answer is periodicity. Periodicity means that accountants will assume that a company's ongoing activities can be presented(or reported)annually, monthly or quarterly.

The correct option is B Periodicity
The correct answer is periodicity. Periodicity means that accountants will assume that a company's ongoing activities can be presented(or reported)annually, monthly or quarterly.