true or false

6) The time period concept assumes that the activities of a business can be sliced into small time segments and that financial statements can be prepared for specific periods of time. 7) The accounting period used for the anmal financial statements is called the fiscal year. 8) The goal of the time period concept is to compute an accurate net income or net loss. 13) The revenue recognition principle requires companies to record revenue when (or as) the entity satisfies each performance obligation 14) The revenue recognition principle tells accountants when to record revenue and requires companies to follow a three step process. 15) A good or service is considered transferred when the customer places an order or requests a service. 16) A performance obligation is a contractual promise with a customer transfer a distinct good or service. 17) A contract can only have one performance obligation 26) The matching principle ensures all expenses are recorded when they are incurred during the period and are matched to the cash payments for expenses