Select the correct answer.

Assumes that a business$$s activities can be sliced into small time segments and that financial statements can be prepared for specific periods, such as a month, quarter, or year.

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An accounting year of any twelve consecutive months that may or may not coincide with the calendar year.

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Requires companies to record revenue when it has been earned and determines the amount of revenue to record.

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Guides accounting for expenses, ensures that all expenses are recorded when they are incurred during the period, and matches those expenses against the revenues of the period.

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Accounting method that records revenues when earned and expenses when incurred.

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Accounting method that records revenue only when cash is received and expenses only when cash is paid.

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