The time period assumption is critical to understanding adjusting entries? why?

Fantastic news! We've Found the answer you've been seeking!

Question:

Related Book For answer-question

Financial Accounting

ISBN: 978-0078111020

7th Edition

Authors: LibbyShort

See More Books

Posted Date: Jun 15, 2022 06:23 AM

See More Questions

The time period assumption states that the economic life of a business entity can be divided into artificial time periods true false.
Explain what the time period assumption means.
(a) How does the time period assumption affect an accountants analysis of business transactions? (b) Explain the terms fiscal year, calendar year, and interim periods.
?? Helen's investment of $500 has grown, at a rate of 13% compounded annually, for 45 years. What is the value of her investment today?
Tarpley Bakery manufactures, distributes, and markets a broad array of baked goods. In its 2013 annual report, the company reported salaries and wages payable of $71.3 million at the end of 2013 and...
A beam ABCD shown in the figure is simply supported at A and B and has an overhang from B to C. The loads consist of a horizonatal force P1 = 400 lb acting at the end of the vertical arm and a...
Compare environmental stocks and flows with financial stocks and flows.When tracking and recording these stocks and flows, what are the similarities and differences in processes used?
On June 1, 2011, MacDougall Corporation approached Silverman Corporation about purchasing a parcel of undeveloped land. Silverman was asking $240,000 for the land and MacDougall saw that there was...
Which equation is equivalent to 5x-4y+ 6 = 0? A. y = 1.25x + 1.5 C. y = -1.5 - 1.25x B. x = 0.8y+1.2 D. x = -1.25y - 0.83
Each salesperson at Rembrandt Auto-Mart is assigned an ID number that consists of five characters. The first three characters are numbers. The fourth character is a letter: either the letter N if the...
A process cost system would be used for all of the following except the a) Printing of wedding Invitations. b) production of automobiles. c) manufacture of cereal. d) refining of petroleum.
Define perception and provide three examples of how the perceptual processes apply to sports marketing.
What is meant by the term sports involvement from the perspective of sports participants? How is sports involvement measured and used in the development of the strategic marketing process?
Describe Maslows hierarchy of needs. How is Maslows theory linked to sports marketing?
Define personality. Why is it considered one of the internal factors of consumption behavior? Do you think personality is related to the decision to participate in sports? Do you think personality is...
Describe the three components of attitude. How do these components work together? Why must attitudes be measured to increase sports participation?
5. A study was conducted on the amount of time drivers wait for a stoplight to change at a particular intersection. The amount of time spent by 300 drivers was recorded and the resulting data were...
The trade-off theory relies on the threat of financial distress. But why should a public corporation ever have to land in financial distress? According to the theory, the firm should operate at the...
What is an annuity?
The accounting process generates financial reports for both internal and external users. Identify some of the groups of users.
Explain why revenues are recorded as credits and expenses as debits.
You added some transactions to your QuickBooks Accountant file for Forever Young. Make a copy of that file, and use that copy to create and print the following. Be sure to remove the date prepared,...
Make a copy of the QuickBooks Accountant file you created for Pacific Brew in that chapter. Record the following business events in chronological order (remember, dates are in the month of January...
Restore the file Boston Catering create the following reports for the period 7/1/10 through 8/31/10 (unless otherwise specified) in a manner similar to that used in the chapter. a. Sales by customer...

The time period assumption is critical to understanding adjusting entries? why?

Question:

Expert Answer:

Ans It provides a more precise view of how business is doing throughout each month or quarter instead of just one full year It allows companies to smo... View the full answer

Financial Accounting

Students also viewed these general management questions