Which of the Following Best Describes the Time Period Assumption

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The economic life of a business can be divided into artificial time periods. Expenses should be matched with revenues.


Describe Principles Assumptions And Concepts Of Accounting And Their Relationship To Financial Statements Principles Of Accounting Volume 1 Financial Accounting

It assumes we value a business as of the end of every month.

. It is the cutoff point for asset and liability recognition. O a trial. Which of the following best describes the time period assumption General.

Accrual basis of accounting b. Time period and monetary unit 2. Which of the following terms best describes financial statements whose basis of accounting recognizes transactions and other events when they occur.

Going concern basis of accounting c. Invoice basis of accounting 3. 1627 students attemted this question.

Which of the following best describes the time period assumption. It is the cutoff point for asset and liablity recognition O It assumes we divide the long life of a business into a series of shorter time periods for accounting and reporting purposes O It assumes we value a business as of the end of every month. It is the cutoff point for asset and liability recognition.

Accounting questions and answers. O It implies that financial. It assumes we divide the long life of a business into a series.

Which of the following best describes the time period assumption. According to the Financial Accounting Standards Board another extremely important accounting assumption is the time period assumption. The time period assumption states that.

The Time Period Assumption. Cash basis of accounting d. Going concern and time period d.

Revenue should be recognized in the accounting period in which it is earned. It implies that financial statements are prepared at the end of a business entitys operating cycle. Which of the following best describes the time period assumption.

This period of time is termed as reporting time period or accounting time period and can be annually weekly monthly semi-annually or any other interval of time. The time period assumption is the principle of financial accounting in which it is assumed that all organizations and companies can separate their activities into different time periods. The going concern assumption presumes that the business will be operating beyond its next fiscal period will complete its expected plans and meet its projected goals.

Which of the following best describes the time period assumption. What this assumption means. Recognizing revenue when performance obligations are satisfied and expenses when incurred best describes the time period assumption expense recognition principle O accrual basis of accounting O operating cash flow cash receipts minus cash payments QUESTION 30 Which of the following statements about a trial balance is correct.

The fiscal year should correspond with the calendar year.


Solved Which Of The Following Best Describes The Time Period Chegg Com


4 Accounting Assumptions


Quiz 1 Key Answers Intermediate Accounting Acc105 Studocu

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