During the lifetime of an entity, accountants produce financial statements at arbitrary points in time in accordance with which basic accounting concept?
A)Cost/benefit constraint
B)Periodicity assumption
C)Conservatism constraint
D)Matching principle

Question

Quizplus · Accepted Answer

The periodicity assumption requires that financial statements be produced at regular intervals (usually monthly, quarterly, or annually) during the entity's lifetime. This allows for the timely reporting of financial information and facilitates comparison of financial statements from different periods.

During the Lifetime of an Entity, Accountants Produce Financial Statements