The GAAP referred to as the Time Period Principle is concerned with a businesss a. Identification of

Question:

The GAAP referred to as the Time Period Principle is concerned with a business’s

a. Identification of the dates for which financial transactions have been recorded.

b. Status as an ongoing concern.

c. Use of a single currency when preparing its financial records.

d. Consistent use of either an accrual or cash accounting system.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...