Which of the following accounting terms assumes that a business's activities can be divided into small segments and financial statements can be prepared for specific periods, such as a month, quarter, or year?
A)adjusting entry concept
B)revenue recognition principle
C)matching principle
D)time period concept

Question

Quizplus · Accepted Answer

The time period concept assumes that a business's activities can be divided into small segments and financial statements can be prepared for specific periods, such as a month, quarter, or year. This allows for easier comparison of financial information over time and helps with decision making for the future.

Which of the Following Accounting Terms Assumes That a Business's