Multiple Choice
A broad principle that requires identifying the activities of a business with specific time periods such as months,quarters,or years is the:
A) Operating cycle of a business.
B) Time period assumption.
C) Going-concern assumption.
D) Expense recognition (matching) principle.
E) Accrual basis of accounting.
Correct Answer:

Verified
Correct Answer:
Verified
Q23: The Income Summary account is a permanent
Q38: Profit margin can also be called return
Q64: If a company mistakenly forgot to record
Q92: Trekker Bikes' current assets are $300 million
Q93: Two common subgroups for liabilities on a
Q151: Unearned revenue is reported in the financial
Q191: Failure to record depreciation expense will overstate
Q208: Closing entries are necessary so that retained
Q209: The steps in the closing process are
Q214: Which of the following errors would cause