Accountants Divide the Life of the Business into Arbitrary Time

question 20

Multiple Choice

Accountants divide the life of the business into arbitrary time periods of equal length:

• A)In order to prepare a balance sheet
• B)In order to calculate comparable profit results
• C)In order to prepare an income statement
• D)Because of the accounting entity assumption

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Definitions:

Uterus

A female reproductive organ in which a fertilized egg implants and develops into a fetus.

Nature

The inherent traits and characteristics of an organism or the natural world as a whole.

Nurture

The influence of environmental factors on one's development, apart from hereditary traits.

Nature Versus Nurture

A discussion focused on the comparative significance of a person's inherent characteristics (nature) as opposed to their life experiences (nurture) in shaping variations in physiological and behavioral characteristics.