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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What is the period-of-time assumption, and why is it important in financial reporting?

To determine

Explain the period of time assumption and its importance in financial reporting.

Explanation

Period of time assumption:

The period of time assumption emphasizes that the financial statements must be prepared timely to evaluate a company’s financial position on an ongoing basis. The financial statements must be made at the end of the financial year as per this assumption...

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