33. The periodicity assumption that underlies U.S. GAAP presumes: A. Economic events can be identified specifically with an economic entity. B. A business entity will continue to operate indefinitely. C. The life of a company can be divided into artificial time periods to provide timely information. D. The U.S. dollar is used in U.S. financial statements. E. None of the above. 34. "Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events" is the definition of: A. Revenues. B. Expenses. C. Liabilities. D. Owner's (Shareholder's) Equity E. Assets.

33. The periodicity assumption that underlies U.S. GAAP presumes: A. Economic events can be identified specifically with an economic entity. B. A business entity will continue to operate indefinitely. C. The life of a company can be divided into artificial time periods to provide timely information. D. The U.S. dollar is used in U.S. financial statements. E. None of the above. 34. "Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events" is the definition of: A. Revenues. B. Expenses. C. Liabilities. D. Owner's (Shareholder's) Equity E. Assets