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Which terms characterizes the time period

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Problem 1: Which of the following terms characterizes the time period between the investment of cash in merchandise and the collection of cash from the sale of that merchandise?

a. Natural business year

b. Accounting period

c. Operating cycle

d. Fiscal period

Problem 2: In preparing financial statements, accountants should consider all of the following except

a. the characteristics that make accounting information useful.

b. the presentation of the value of a company.

c. the most useful way to display the information found on the financial statements.

d. the objectives of financial reporting.

Reference no: EM132774626

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