QUIZ

Monetary concept focus on qualitative information such as employee skill level and product durability

One of the advantages of monetary concept is the investors and shareholders are able to track the firm's progress and this will help them in make good decision making regarding their investment.

The periodicity concept allow the company to use same accounting principles and this will result in inconsistency in accounting treatment.

Periodicity concept have a short term objective of making profit and this include companies which are engaged in services and manufacturing.

Periodicity is also known as time period consumption which is the business need to prepare financial stattements at specified intervals.