1. The time period assumption states that: a. revenue should be recognized in the accounting period in...

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1. The time period assumption states that:

a. revenue should be recognized in the accounting period in which it is earned.

b. expenses should be matched with revenues.

c. the economic life of a business can be divided into artiĀ¬

ficial time periods.

d. the fiscal year should correspond with the calendar year.

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Financial Accounting

ISBN: 9780470128848

6th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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