A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the: A. Operating cycle of a business. B. Time period principle. C. Going-concern principle. D. Matching principle. E. Accrual basis of accounting.

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Business

Liam

3 September, 08:31

A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the: A. Operating cycle of a business. B. Time period principle. C. Going-concern principle. D. Matching principle. E. Accrual basis of accounting.

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Teagan Schmidt · Answer 1

Answer: Time period principle

Explanation: As per the time period principle the financial results and other significant business activities of an entity should be reported over a standard time period which can be monthly, weekly, daily etc.

After selecting the time period frequency, organization have to follow different rules for different statements, as per the US Generally accepted accounting principles.