Why is the time period assumption required?
a. Inflation exists
b. External users of financial statements want statements that accurately reflect net income or earnings for a specific time period.
c. The dollar is the monetary unit in the United States.
d. The federal government requires it.
b
You might also like to view...
Multiple R is also called the ________
A) PVS B) MR C) coefficient of determination D) standardized beta coefficient E) p value
The series of steps through which a marketer attempts to guide a consumer is called the ________
A) promotional mix B) marketing mix C) hierarchy of effects D) AIDA model E) push-pull model
In order to be treated as alimony for tax purposes, payments must be made in cash.
Answer the following statement true (T) or false (F)
Calculate net accounting income.
A trust document does not mention the treatment for depreciation. The state has adopted the Uniform Act. The trust document states that depreciation is a charge against corpus. The trust results are the following: Business net profits $2,000 Rental income 1,000 Depreciation 100 Rent expense 100