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What is periodicity assumption? Please explain this accounting concept and provide examples when possible. This discussion needs to be at least 300-400 words.
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Periodicity assumption
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What is periodicity assumption?
In most case one should be aware about the topic to discuss, that is he/she should
clearly define it, Periodicity assumption also called time period assumption. These are
accounting guidelines which are mostly used by accountants in dividing up the activities
which might be currently going on within the business into periods of a year, month and
week. Since financial statement or financial reports from outside users requires their
information about finance to be timely planned. Though t...
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