The time period assumption in accounting refers to
A)the convention of using fiscal periods to represent a company's reporting period.
B)the ability of a company to choose whatever calendar convention they wish for their fiscal period.
C)dividing the long life of a company into shorter time periods.
D)None of the choices are correct.

Question

Quizplus · Accepted Answer

The time period assumption involves dividing the long life of a company into shorter, more manageable time periods for reporting purposes, such as months, quarters, or years.

The Time Period Assumption in Accounting Refers to