Asked by Itzamar Gutierrez on Jul 18, 2024
Verified
The ______________ assumption divides the economic life of a business into artificial time periods.
Time Period Assumption
An accounting principle that assumes a business's complex and ongoing activities can be divided into shorter time periods, such as months, quarters, or years.
- Acknowledge the critical role of the time period assumption within accounting practices.
Verified Answer
SL
Learning Objectives
- Acknowledge the critical role of the time period assumption within accounting practices.
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