During the life-time of an entity, accountants prepare financial statements at a point of time in accordance with which basic accounting principles?
Matching
Periodicity
Conservatism
Cost-benefit
All of these
A
Cost-benefit
B
Periodicity
C
Conservatism
D
Matching
E
All of these
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Solution
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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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