The Time Period Assumption Is Necessary Because

question 37

Multiple Choice

The time period assumption is necessary because:

• A) inflation exists and causes confusing swings in financial statement amounts over time.
• B) external users of financial statements want accurately-reported net income for a specific period of time.
• C) financial statements users expect full disclosure of all events throughout the entire time period translated in dollars.
• D) it is required by the federal government.

---

Definitions:

Tobacco

Leaves of the tobacco plant, dried and processed for use in smoking, chewing, or snuffing, and known for containing the addictive substance nicotine.

Heritability of Alcoholism

The heritability of alcoholism refers to the extent to which genetic factors contribute to the risk of developing alcoholism, indicating a significant genetic predisposition in some families.

Alcoholism

Chronic disease involving dependence on use of alcohol, causing interference with normal functioning and fulfillment of obligations.

Willpower

The ability to resist short-term temptations in order to meet long-term goals, often associated with self-control and discipline.