Economic life of an enterprise is split into some periodic intervals as per ___ concept: (a) Money Measurement (b) Matching (c) Periodicity (d) Accrual
Answers
The blanks are filled as follows :
- Economic life of an enterprise is split into some periodic intervals as per periodicity concept.
- Each and every accounting period is signified to have an activity associated with it in economical terms and that activity is termed to be denoted as periodicity.
- The particular activity which is termed to be associated can either be reported or measured depending on the criteria.
- According to the periodicity concept accountants will divide any company's current and complex progress report for reporting , measuring or accounting the monthly and quarterly bill statements.
Economic life of an enterprise is split into some periodic intervals as per periodicity concept.
* According to the concept of periodicity in Economics, every accounting period is related to some economic activity, which can be measured, estimated, accounted for and also reported accordingly.
* It also means that the activities of a company will be divided into monthly, quarterly and annual financial statements.
* It is also alternatively known as time period assumption.