Which ONE of the following is an accurate description of the "time period

concept"?

In order to properly report the cash balance in the balance sheet, the accountant must divide the

long life of a business into small periods.

In order to properly report the stockholders' equity in the balance sheet, the accountant must

divide the long life of a business into small periods.

In order to report a timely measure of income in the income statement, the accountant must

divide the long life of a business into small periods.

In order to report an accurate measure of dividends in the income statement, the accountant

must divide the long life of a business into small periods.