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Question

The business transactions are recorded date wise to create proper record for all transactions. This is part of which of the following


  1. Accounting Period Concept

  2. Realization Concept

  3. Materiality Concept

  4. Historical Record Concept


Solution

The correct option is A

Accounting Period Concept


An accounting period is the span of time covered by a set of financial statements. The business transactions are recorded date wise to create proper record for all transactions as per Accounting Period Concept.

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