?What is true about the accounting time period Jt is the reporting of business operations on daily basis Itis the reporting of the business activities on yearly, quarterly or monthly basis .a O b O Reflects the time to start recording the transactions of a business .c O Reflects the time to report the assets, liabilities and equity of the business d O

?What is true about the accounting time period Jt is the reporting of business operations on daily basis Itis the reporting of the business activities on yearly, quarterly or monthly basis .a O b O Reflects the time to start recording the transactions of a business .c O Reflects the time to report the assets, liabilities and equity of the business d O

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The business entity assumption is important because O a. it requires that the company record all of its economic transactions in accordance with GAAP. O b. it limits economic data in the accounting system to data directly related to the activities of the business. O c. it limits the amount that a company can record for its transactions in the accounting records. O d. it requires that all transactions be recorded in the period in which they occur.