Question
______ states that accounting report must belong to a common period and use common unit of measurement and format of reporting.
The correct answer is
Comparability
The correct answer is option 2. Comparability in accounting refers to the concept that financial statements must be prepared in a consistent manner, allowing comparisons over time and across organizations, with common units and formats.
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Important Questions from Basic accounting principles
______ is the cost of use of things or services for the purpose of generating revenue.
Which of the following accounting concept eliminates personal biasedness and helps in achieving results that are comparable?
Which of the following given statements are CORRECT?
Which of the following statements are FALSE?
Which of the following statements is TRUE?
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