Which one of the following concepts states that the publication or presentation of financial statements should not be delayed?
A. Objectivity concept
B. Timing concept
C. Timeliness concept
D. Reliability concept
Answer: Option C
Solution(By Examveda Team)
Timeliness concept states that the publication or presentation of financial statements should not be delayed. Timeliness principle in accounting refers to the need for accounting information to be presented to the users in time to fulfill their decision making needs.Related Questions on Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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