Which of the Following Best Describes the Time Period Assumption

By Da_Meredith444 16 Apr, 2022 Post a Comment

Cash basis of accounting d. Going concern and time period d.

Pin On Marginal Approach

Which of the following concepts best describes when accountants should accrue income tax expense at the end of the accounting period for taxes not yet paid is the.

. The tax authorities require companies to fi le annual tax returns. Which of the following best describes the objective of an audit of financial statements. This might mean allocating costs over more than one accounting or reporting period.

Going concern and time period d. The fiscal year should correspond with the calendar year. Cost principle O b.

For example- if the smaller periods of one year are taken then all transactions of this one year can be recorded and reported. 1627 students attemted this question. The time period assumption also known as periodicity assumption and accounting time period concept states that the life of a business can be divided into equal time periodsThese time periods are known as accounting periods for which companies prepare their financial statements to be used by various internal and external parties.

It is the cutoff point for asset and liability recognition. To express an opinion whether the financial statements are prepared in accordance with prescribed criteria. It assumes we value a business as of the end of every month B.

Which choice is not an assumption or result of the kinetic theory of gases. It implies that financial statements are prepared at the end of a. The accounting equation shows that assets must equal the sum of liabilities and equity.

Transactions are analyzed with this equation to prepare for the next step in the accounting cycle. The IRS requires companies to file annual tax returns. Which of the following best describes the time period assumption.

Accrual basis of accounting b. If 51000 cash is paid to buy land the land is reported on the buyers balance sheet at 51000. The periodicity or time period assumption implies that a company can divide its economic activities into artificial time periods.

Recognition criteria for revenue O d. Expenses should be matched with revenues. Most businesses exist for long periods of time so artificial time periods must be used to report the results of business activity.

Which of the following best describes the time period assumption General. Which of the following statements defines the time period assumption. Which of the following best describes the time period assumption.

1 Answer to Identify which accounting principle or assumption best describes each of the following practices. Which of the following statements best describes a core assumption of systemic therapies. 31 Describe Principles Assumptions.

Each time we record a transaction. It is the cutoff point for asset and liablity recognition O It assumes we divide the long life of a business into a series of shorter time periods for accounting and reporting purposes O It assumes we value a business as of the end of every month. An individuals behavior and symptoms always make sense in the persons broader relational contexts.

Which is not an assumption of the kinetic. It assumes we divide the long life of a business into a series. It is the cutoff point for asset and liability recognition.

Which of the following is an assumption of the basic fixed-order quantity inventory model. The economic life of a business can be divided into artificial time periods. Time period and monetary unit 2.

Time period assumption is a concept in which the life of a business can is divided into smaller periods for accounting purposes. Which of the following terms best describes financial statements whose basis of accounting recognizes transactions and other events when they occur. It implies that financial statements are prepared at the end of a business entitys operating cycle.

Adjusting entries would not be necessary if a companys life were not divided into artificial time periods. Business entity assumption Objectivity principle Revenue recognition principle Monetary unit. Which of the following best describes the time period assumption.

Definition and explanation. Time period assumption presents financial information in equal and short time frames such as a month quarter or year. Adjusting entries would not be necessary if a companys life were not divided into artificial time periods.

Which of the following best describes the time period assumption. Because of the time period assumption we need to be sure to recognize revenues and expenses in the proper period. Which of the following best describes the time period assumption.

It assumes we value a business as of the end of every month. Depending on the type of report the time period may be a day a month a year or another arbitrary period. To express an assurance as to the future viability of the entity whose financial statements are being audited.

Invoice basis of accounting 3. The time period assumption states that. Time period and monetary unit 2.

Which of the following best describes the time period assumption. And to help decide whether to invest. Which of the following terms best describes financial statements whose basis of accounting recognizes transactions and other events when they occur.

Going concern basis of accounting c. It assumes we value a business as of the end of every month. Accrual basis of accounting b.

The shorter the time period the more difficult it is to determine the proper net income for the period. Revenue should be recognized in the accounting period in which it is earned. All people naturally tend toward growth and strive for self-actualization a process of becoming authentically human.

Going concern basis of accounting c. Nish Patel has prepared the following list of statements about the time period assumption. Such periods can vary for different entities.

Which of the following best describes the time period assumption. It is the cutoff point for asset and liability recognition. It implies that financial statements are prepared at the end of a.

Cash basis of accounting d. Invoice basis of accounting 3. This period of time is termed as reporting time period or accounting time period and can be annually weekly monthly semi-annually or any other.

Which requires the following. It is the cutoff point for asset and liability recognition C. Which one of the following is not an assumption of cvp analysis.

Jo Seacat has prepared the following list of statements about the time period assumption. These time periods vary but the most common are monthly quarterly and yearly. The time period assumption is the principle of financial accounting in which it is assumed that all organizations and companies can separate their activities into different time periods.

Quiz 1 Key Answers Intermediate Accounting Acc105 Studocu