The Time Assumption That the Economic Life of a Business

question 47

Multiple Choice

The time assumption that the economic life of a business can be divided into artificial time periods is known as the

• A) time period assumption.
• B) accounting period assumption.
• C) timeliness assumption.
• D) expense recognition principle.

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Definitions:

Romance Language

A branch of the Indo-European language family that evolved from Latin, including languages like Spanish, French, Italian, Portuguese, and Romanian.

French

A Romance language spoken as a first language in France and several other countries and territories.

Implicit Premises

Unstated assumptions or beliefs that support a conclusion within an argument, not explicitly expressed but understood in the reasoning.

Infinite Number

A quantity larger than any finite count, unable to be exactly measured or fully enumerated.