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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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