The ongoing life of a business is broken into regular intervals for the preparation of reports.
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Keep practicing — related questions
- It is assumed that the business will be ongoing, i.e. the business will have an indefinite life
- During the life time of an entity, accountants prepare financial statements at arbitrary points of time as per
- On what basis does the economic life of an enterprise split into the periodic interval?
- The accounting methods used by the business should be applied consistently each period
- The period of time reflected by an accounting report is known as ____________ .
- The business must be a separate accounting entity from its owner and from other entities.
- India is ranked _________in the ease of doing business list, according to the annual doing business report.
- Which of the following is not an element of the life insurance business?