Time Remaining $24$ minutes $54$ seconds

$00$:$24$:$54$

Item $1$

Time Remaining $24$ minutes $54$ seconds

$00$:$24$:$54$

Which of the following best describes the time period assumption?

Multiple Choice

It is the cut$-$off point for asset and liability recognition.

It assumes we divide the long life of a business into a series of shorter time periods for accounting and reporting purposes.

It assumes we value a business as of the end of every month.

It implies that financial statements are prepared at the end of a business entity's operating cycle.