Answered: he time period assumption is often…

Business

Accounting

he time period assumption is often referred to as the expense recognition principle. a. True b. False

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 4MC: Which of the following breaks down company financial information into specific time spans, and can...

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Question

*Choose true or false for the following statements:

1. The time period assumption is often referred to as the expense recognition principle.

a. True

b. False

2. A company's calendar year and fiscal year are always the same.

a. True

b. False

3. Accounting time periods that are one year in length are referred to as interim periods.

a. True

b. False

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