During the lifetime of an entity, accountants produce financial statements at arbitrary points in time in accordance with the
A)full disclosure principle.
B)periodicity assumption.
C)going concern assumption.
D)economic entity assumption.
Conceptual Framework Underlying Financial Reporting 2 - 11

Question

Quizplus · Accepted Answer

The periodicity assumption states that the economic life of a business can be divided into artificial time periods, such as months or years, for the purpose of preparing financial statements.

During the Lifetime of an Entity, Accountants Produce Financial Statements