The process of recording is done?
Correct answer: D. Frequently during the accounting period
- A. Two times a year
- B. once a year
- C. At the end of a accounting periodAccounting & Auditing
- D. Frequently during the accounting period
Explanation
Transactions are recorded as they occur throughout the accounting period so that the records remain current and complete. Recording only at year-end would not provide timely accounting information.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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