The Time Period Assumption in Accounting Refers to

question 51

Multiple Choice

The time period assumption in accounting refers to

• A)the convention of using fiscal periods to represent a company's reporting period.
• B)the ability of a company to choose whatever calendar convention they wish for their fiscal period.
• C)dividing the long life of a company into shorter time periods.
• D)None of the choices are correct.

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Definitions:

Carbon-Carbon Bonds

The covalent bond between two carbon atoms in a molecule, forming the backbone of organic compounds.

π Bond

A type of covalent bond between atoms that results from the sideways overlap of p orbitals, allowing for electron sharing.

Rings

Cyclic molecules in chemistry that consist of a series of connected atoms forming a closed loop.

Hydrogenating

The process of adding hydrogen to a molecule, usually in the presence of a catalyst, to reduce double or triple bonds to single bonds.