The time period assumption: Multiple Choice Means that a business is accounted for separately from other business entities, including its owner. Presumes that the life of a company can be divided into time periods, such as months and years, and that useful reports can be prepared for those periods. O Prescribes that a company record the expenses it incurred to generate the revenue reported. Means that we can express transactions and events are expressed in monetary, or money, units. Means that accounting information presumes that the business will continue operating instead of being closed or sold