Asked by
Amber Scott
on Nov 14, 2024
Verified
Accounting time periods that are one year in length are referred to as interim periods.
Accounting Time Periods
The specific intervals or time frames for which financial information is reported, such as monthly, quarterly, or annually.
Interim Periods
Shorter reporting periods within a fiscal year, such as quarters or months, used by companies to provide timely financial information.
- Comprehend the role of the time period assumption in accounting and its effects on financial reporting.
Verified Answer
MC
Learning Objectives
- Comprehend the role of the time period assumption in accounting and its effects on financial reporting.
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