The time period assumption is used under
A)GAAP but not IFRS.
B)IFRS but not GAAP.
C)both IFRS and GAAP.
D)neither IFRS nor GAAP.

Question

Quizplus · Accepted Answer

The time period assumption is an accounting principle used by both IFRS and GAAP. It states that a company's financial statements should be prepared over a specific period of time, such as a month, quarter or year, in order to provide useful information to users of the financial statements.

The Time Period Assumption Is Used Under