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which of the following best describes the... which of the following best describes the time period assumption? multiple choice it assumes we divide the long life of a business into a series of shorter time periods for accounting and reporting purposes. it is the cut-off point for asset and liability recognition. it assumes we value a business as of the end of every month. it implies that financial statements are prepared at the end of a business entity's operating cycle.

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The follow-ing best describes the time period assumption - it assumes we div-ide the long life of a busi-ness into a series of shorter time periods for account-ing and reporting pur-poses.

Time period assumption is a con-cept in which the life of a busi-ness can is divided into small-er periods for accounting purposes. The time period prin-ciple (or time period assumption) is an account-ing principle which states that a busi-ness should report their financial state-ments appropriate to a specific time period.

Time period assumption is the account-ing rule that time can be divided into distinct and conse-cutive periods and that accounting trans-actions can be allocated to these periods using criteria laid out by other rules and princ-iples.

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