Define the term "accounting period." How does this term relate to the "matching concept" as it pertains to the income statement?
What will be an ideal response?
An accounting period is the span of time covered by the financial statements, normally one year; the span of time for which income is measured. The practice of pairing together on the income statement revenues and expenses that were incurred in the same accounting period is known as the matching concept.
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Planning is defined as
A. formulating a method to allocate resources effectively. B. motivating employees. C. coping with obstacles to past performance. D. setting goals and deciding how to achieve them. E. implementing strategic goals.
Equivalent production is a measure of productive output of units for a period of time, expressed in terms of fully completed or equivalent whole units produced
Indicate whether the statement is true or false
Which of the following dictates overall business objectives?
A) the broad environment in which the business operates B) public relations strategies C) public relations programs D) marketing and advertising strategies
A person filing for bankruptcy under Chapter 11 and left in place to operate the business during the reorganization proceeding is known as the ________
A) trustee B) debtor-in-possession C) consignor D) regent