Match the letter of each principle or assumption or qualitative characteristic with the appropriate statement.
-The decision is made to accept some inaccuracy because of incomplete information about the future in exchange for more timely reporting.
A)Business entity
B)Going concern
C)Time period
D)Monetary unit
E)Historical cost
F)Conservatism
G)Realization
H)Consistency
I)Full disclosure
J)Verifiability
K)Materiality
L)Industry practices

Question

Quizplus · Accepted Answer

The time period assumption allows for the division of a company's financial activities into artificial time periods, such as quarters or years, to provide timely information, even if it means accepting some inaccuracy due to incomplete future information.

Match the Letter of Each Principle or Assumption or Qualitative