The time period assumption assumes that an organization's activities may be divided into specific reporting time periods including all of the following except:
A) Months.
B) Days.
C) Fiscal years.
D) Calendar years.
E) Quarters.

Question

Quizplus · Accepted Answer

The time period assumption does not specifically assume that an organization's activities may be divided into specific reporting time periods of days. While some organizations may choose to report daily, it is not a requirement or assumption under accounting principles.

The Time Period Assumption Assumes That an Organization's Activities May