Choose from the following list of terms/phrases to best complete the statements below.
a. Fiscal year
b. Timeliness
c. Calendar year
d. Accounting period
e. Annual financial statements
f. Interim financial statements
g. Natural business year
h. Time period assumption
i. Quarterly statements
1. _________presumes that an organization’s activities can be divided into specific time periods.
2. Financial reports covering a one-year period are known as _________..
3. A _________ consists of any 12 consecutive months.
4. A _________ consists of 12 consecutive months ending on December 31.
5. The value of information is often linked to its _________.