During the lifetime of an entity, accountants produce financial statements at arbitrary points in time in accordance with which basic accounting concept?

Question

Quizplus · Accepted Answer

The periodicity assumption requires that the economic activities of an entity be divided into artificial time periods (such as months, quarters, or years) to provide timely information to users of financial statements. Therefore, accountants produce financial statements at arbitrary points in time based on the periodicity assumption.

During the Lifetime of an Entity, Accountants Produce Financial Statements