The Periodicity Assumption States That

question 66

Multiple Choice

The periodicity assumption states that

• A)the business will remain in operation for the foreseeable future.
• B)the life of a business can be divided into artificial time periods and that useful reports covering those periods can be prepared.
• C)every economic entity can be separately identified and accounted for.
• D)only those things that can be expressed in money are included in the accounting records.

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Definitions:

Automated Operations

The use of technology to perform tasks or processes automatically, typically involving minimal human intervention.

Task

A piece of work or duty to be undertaken, often characterized by a specific goal or set of requirements.

Resource Utilisation

Refers to the efficient and effective use of resources, such as materials, labor, and capital, to achieve organizational or project objectives.

Quantity And Quality

Refers to the scale and standard of goods or services, emphasizing the importance of balancing both aspects to meet customer satisfaction.