During the life-time of an entity accounting produce financial statements in accordance with which basic accounting concept:
1) Conservation
2) Matching
3)Accounting period
4) None of the above

Options

A. Conservation
B. Matching
C. Accounting period
D. None of the above

Answer

Accounting period

Explanation

Accounting amount refers to the span of your time at the top of that the monetary statements of associate enterprise square measure ready, to grasp whether or not it's attained profits or incurred losses throughout that amount and what specifically is that the position of its assets and liabilities at the top of that amount.


Such info is needed by totally different users at regular interval for numerous functions, as no firm will stay up for long to grasp its monetary results as numerous selections square measure to be taken at regular intervals on the idea of such info.


The Companies Act 1956 and also the taxation Act need that the financial gain statements ought to be ready annually.