Explain accounting period assumption.
Explain accounting period assumption.
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Newton D
Accounting assumptions defined as rules of action or conduct which are derived from experience and practice and when they prove useful, they become accepted principles of accounting. … They are part of GAAP (Generally Accepted Accounting Principles).
Abhinav.arjun47
time period assumption definition. Also known as the periodicity assumption. The accounting guideline that allows the accountant to divide up the complex, ongoing activities of a business into periods of a year, quarter, month, week, etc.