The Time Period Assumption States That

question 56

Multiple Choice

The time period assumption states that

• A) a transaction can only affect one period of time.
• B) estimates should not be made if a transaction affects more than one time period.
• C) adjustments to the enterprise's accounts can only be made in the time period when the business terminates its operations.
• D) the economic life of a business can be divided into artificial time periods.

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Definitions:

Older Adult

An individual who is typically aged 65 years or older, entering the later stages of life.

Old-old

A demographic term typically used to describe individuals aged 85 years and older, often characterized by increased health and care needs.

Young-old

Refers to adults typically aged 65 to 74, who are considered to be in the younger segment of the elderly population, often marked by active engagement in life activities.

Fiercely Independent

Describing a person or entity that acts with strong autonomy, often resisting influence or aid from others.