Question
The time period assumption states that the economic life of a business can be divided into artificial time periods. estimates should not be made if
The time period assumption states that
the economic life of a business can be divided into artificial time periods.
estimates should not be made if a transaction affects more than one time period.
adjustments to the company's accounts can only be made in the time period when the business terminates its operations.
a transaction can only affect one period of time.
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Accounting
Authors: Charles T Horngren, Walter T Harrison
9th Edition
132959674, 978-0132569057
