A material item which is unusual in nature or infrequent in occurrence, but not both should be shown in the income statement: Net of Tax, Disclosed Separately

Which of the following accounting terms assumes that a business's activities can be divided into small segments and that financial statements can be prepared for specific periods, such as a month, quarter, or year?

A) adjusting entry concept B) economic entity concept C) matching principle D) time period concept

Department stores only face competition from other department stores as other retailing forms pose little threat to their sales and profitability

Indicate whether the statement is true or false