The periodicity assumption states that every economic entity can be separately identified and accounted for.

Name: The periodicity assumption states that every economic entity can be separately identified and accounted for.
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Question

Quizplus · Accepted Answer

The periodicity assumption states that the life of a business can be divided into time periods, such as months or years, for reporting purposes. The separate economic entity concept refers to the distinction between the business and its owners.

The Periodicity Assumption States That Every Economic Entity Can Be