Choose from the following list of terms and phrases to best complete the statements below. a. Fiscal year c. Accrual basis accounting e. Cash basis accounting b. Timeliness d. Annual financial statements f. Time period assumption 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(n) consists of any 12 consecutive months. 4. records revenues when services are provided and records expenses when incurred. 5. The value of information is often linked to its .

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Choose from the following list of terms and phrases to best complete the statements below.
a. Fiscal year c. Accrual basis accounting e. Cash basis accounting
b. Timeliness d. Annual financial statements f. Time period assumption
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(n) consists of any 12 consecutive months.
4. records revenues when services are provided and records expenses when incurred.
5. The value of information is often linked to its .

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