The time period assumption:Multiple ChoiceOMeans that accounting information presumes that the business will continue operating instead of being closed or sold.OPrescribes that a company record the expenses it incurred to generate the revenue reported.OMeans that a business is accounted for separately from other business entities, including its owner.OPresumes that the life of a company can be divided into time periods, such as months and years, and that useful reportscan be prepared for those periods.