Answered

Which of the following is the definition for the "time period concept"?

Select one:
a. Assumes that a business's activities can be sliced into small time segments and that financial statements can be prepared for specific periods.
b. Requires companies to record revenue when it has been earned and determines the amount of revenue to record.
c. Guide accounting for expenses, ensures that all expenses are recorded when they are incurred during the period, and matches those expenses against the revenues of the period.

Answer :

OvaisKhan

Answer:

a. Assumes that a business's activities can be sliced into small time segments and that financial statements can be prepared for specific periods.

Explanation:

Time period helps to measure financial performance with corresponding time frame and for comparison, there should similar equal time space available to all who are being compared.

marvineetesh3

The time period concept presumes that a business's activities can be slit into small-time sections and that financial statements can be made for specific periods.

What is the concept of the time period?

The time period rule is the concept that a business should cover the financial results of its human activity over a normal time period, which is small-time sections that are normally monthly, quarterly, or yearly.

Time period assists to measure financial show with the related time frame and for examination, there should relate equal time attribute forthcoming to all who are being analyzed.

Therefore, the option A is correct.

To learn more about the time period, refer to:

https://brainly.com/question/2764183

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