According to U.S. GAAP, periodminus−ofminus−time elements include performance, income, expenses, and capital maintenance adjustments. True False

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Question

According to U.S. GAAP, periodminus−ofminus−time elements include performance, income, expenses, and capital maintenance adjustments. True False

According to U.S. GAAP, periodminus−ofminus−time elements include performance, income, expenses, and capital maintenance adjustments.

True

False

business accounting

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Answer 1

Answer #1

TRUE,

PERIOD-OF-TIME ELEMENTS DESCRIBES EVENTS AND CIRCUMSTANCES THAT EFFECT AN ENTITY DURING A PERIOD OF TIME AND APPEAR ON THE INCOME STATEMENT ,STATEMENT OF COMPREHENSIVE INCOME,OR STATEMENT OF SHAREHOLDER'S EQUITY

THE PERIOD OF TIME ELEMENTS INCLUDE INVESTMENT BY OWNERS ,DISTRIBUTION TO OWNERS, REVENUES ,GAINS,EXPENSES, LOSES AND COMPREHENSIVE INCOME

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Answer 2

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