A broad principle that requires identifying the activities of a business with specific time periods such as months,quarters,or years is the:
A)Operating cycle of a business.
B)Time period assumption.
C)Going-concern principle.
D)Matching principle.
E)Accrual basis of accounting.

Question

Quizplus · Accepted Answer

The time period assumption is the principle that requires identifying the activities of a business with specific time periods such as months, quarters or years. This principle is important in financial reporting because it allows for consistent and accurate measurement and comparison of a business's performance over time.

A Broad Principle That Requires Identifying the Activities of a Business