Arizona State University (ASU) BIO201 Human Anatomy And Physiology I Exam 3 Practice Study Guide

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Which assumption allows accountants to divide the life of a business into months, quarters, and years for reporting purposes?

Going concern assumption Economic entity assumption Monetary unit assumption Periodicity assumption

Correct Answer:

Periodicity assumption

Explanation:

The periodicity assumption permits the life of a business to be divided into artificial reporting periods such as months, quarters, and years.

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