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Correct Answer: False
Accounting Period Concept requires that Income
Statement should be prepared at periodic intervals
for purposes such as performance evaluation and
determination of taxes.
Accrual Concept is a fall-out of Accounting
Period concept. This concept requires that expenses
incurred for a particular accounting period should
be reckoned in the same period, irrespective of
the fact whether these expenses have been paid
in cash or not in that year.
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