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Francina has just scheduled an appointment with a personal trainer.She knows she is not in perfect shape, and wants to get a thorough assessment of her strengths and weaknesses.Frances is apparently driven by a strong ____.
Accounting Period
An Accounting Period is a specific time frame for which financial statements are prepared, helping to compare and analyze financial performance and position, commonly a year, quarter, or month.
Time Period Assumption
The accounting principle that assumes a business's complex and continuous activities can be divided into shorter periods, such as months, quarters, or years, for reporting purposes.
Artificial Time Periods
Divisions of time into periods for accounting purposes that may not correspond to actual calendar periods.
Economic Entity
A unit in the economy that is capable of engaging in financial activities, such as a person, corporation, or government entity.
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