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The time-period assumption is necessary because inflation exists and causes confusing swings in financial statement amounts over time. external users of financial statements want accurately-reported

The time-period assumption is necessary because

inflation exists and causes confusing swings in financial statement amounts over time.

external users of financial statements want accurately-reported revenues and expenses for a specific period of time.

financial statements users expect full disclosure of all economic events throughout the entire time period.

it is required by the federal government.

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