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The time period assumption assumes that an organization's activities can be divided into specific time periods such as months, quarters, or years.

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Interim financial statements report a company's business activities for a one-year period.

A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the:

A. Time period assumption.
B. Operating cycle of a business.
C. Going-concern assumption.
D. Accrual basis of accounting.
Expense recognition (matching) principle.

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The accounting principle that requires revenue to be recorded when earned is the:

A. Expense recognition (matching) principle.
B. Going-concern assumption.
C. Time period assumption.
D. Accrual reporting principle.
E. Revenue recognition principle.

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Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are:

A. Balance sheet accounts.
B. Temporary accounts.
C. Real accounts.
D. Permanent accounts.
E. Closing accounts.

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