The idea that a company's life can be divided into distinct time periods so that accounting information can be reported on a timely basis is the

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The time period concept is the idea that a company's life can be divided into distinct time periods so that accounting information can be reported on a timely basis. This concept ensures that financial statements are prepared regularly, and investors and other stakeholders receive timely and relevant accounting information. Accrual basis accounting, fiscal year concept, and revenue recognition concept are other accounting concepts that do not specifically relate to the time period concept.

The Idea That a Company's Life Can Be Divided into Distinct