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Which of the following is time spann into which the total...

This question belongs to Commerce Accounting
Accounting
?

Which of the following is time spann into which the total life of a business is divided for the purpose of preparing financial statements?

Answer & Solution
Correct Answer: Option C
Accounting period is time spann into which the total life of a business is divided for the purpose of preparing financial statements. This period defines the time range over which business transactions are accumulated into financial statements, and is needed by investors so that they can compare the results of successive time periods.
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