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Financial & Managerial Accounting
Found in: Page 139
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

Choose from the following list of terms/phrases to best complete the statements below.

a. Fiscal year d. Accounting period g. Natural business year

b. Timeliness e. Annual financial statements h. Time period assumption

c. Calendar year f. Interim financial statements i. Quarterly statements

1. presumes that an organization’s activities can be divided into specific time periods.

2. Financial reports covering a one-year period are known as .

3. A(n) consists of any 12 consecutive months.

4. A(n) consists of 12 consecutive months ending on December 31.

5. The value of information is often linked to its .

Time periods assumption is the correct option.

See the step by step solution

Step by Step Solution

Definition of organization’s activities

An organization’s activities mean those activities that the organization performs.

Specific time period

The assumption that assumes specific time periods' activities is known as the time period assumption. Under this, all activities are divided based on their time periods. Time periods assumption is the used to divide the life of company in different time periods. This help in the prepration of financial reports preodically.

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