Asked by
kamani jones
on Oct 16, 2024Verified
The time period assumption assumes that an organization's activities can be divided into specific time periods such as months,quarters,or years.
Time Period Assumption
An accounting principle that assumes a business's complex financial activities can be divided into shorter, discrete time periods, such as months, quarters, or years.
Specific Time Periods
Specific time periods refer to distinct, defined durations used for financial reporting, planning, and analysis, such as quarters or fiscal years.
- Grasp the concept of the time period assumption and its relevance to financial reporting.
Verified Answer
NC
Learning Objectives
- Grasp the concept of the time period assumption and its relevance to financial reporting.
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