An accounting period that is one year in length is called:
A)the time period assumption.
B)a financial year.
C)an interim period.
D)an economic year

Question

Quizplus · Accepted Answer

A year-long accounting period is commonly referred to as a financial year. This is different from an interim period, which is a shorter period of time within a financial year. The time period assumption refers to the idea that financial statements are prepared over a specified period of time, but does not indicate the length of that time period. An economic year may refer to a period of time determined by economic factors, but is not a commonly used accounting term.

An Accounting Period That Is One Year in Length Is