Asked by Katelyn Nartiff on May 20, 2024
Verified
Discuss the importance of periodic reporting and the time period assumption.
Periodic Reporting
The process of regularly producing financial and operational reports, typically on a quarterly or annual basis, to provide stakeholders with status updates and performance insights.
- Comprehend the principles of periodic reporting and the time period assumption in accounting.
Verified Answer
TR
Thabo RadebeMay 22, 2024
Final Answer :
For information to be valuable to decision makers, it must be presented in a timely fashion. To provide timely information for decision making, accounting systems are designed to prepare periodic reports at regular intervals. The time period assumption assumes that an organization's activities can be divided into specific time periods such as months, quarters or years.
Learning Objectives
- Comprehend the principles of periodic reporting and the time period assumption in accounting.
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