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the time period concept is a GAAP that is generally accepted accounting principle that states that the acounting entries are made in equal periods of time usually on each year
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Stock and flow concept in macroeconomics?
Stock concept doesn't have a time reference whereas Flow concept has time reference i.e. Stock concept gives the value at an instant of time while flow concept gives the values over a period of time.
A basic time value of money concept is that dollars are comparable only when they stated at the same time period?
True
Why is inflation not considered when the basic concept that money has time value is discussed?
Inflation is not considered when the basic concept of money has time value because it is a sustained increase in the general price level of goods and services in an economy over a period of time. If the general price level rises, each unit of currency buys fewer goods and services.
Why is wealth a flow concept?
No, it is a stock measure, as in, it is measured at a given point in time. Income on the other hand IS a flow measure, you must specify a time period for it ex. income per month or per year.
What is an insurance policy?
Insurance is purchased for a specific period of time, which is usually a month, a quarter, or a year. When the time period is over, the insurance will lapse unless you renew it by paying for another period of time.
What IS STOCK Concept and flow concept?
Stock concept doesn't have a time reference whereas Flow concept has time reference i.e. Stock concept gives the value at an instant of time while flow concept gives the values over a period of time.
What is global period?
Global Period is a period of time starting with a surgical procedure and ending some period of time after the procedure.(CONCEPT OF MEDICAL BILLING)
Stock and flow concept in macroeconomics?
Stock concept doesn't have a time reference whereas Flow concept has time reference i.e. Stock concept gives the value at an instant of time while flow concept gives the values over a period of time.
What is accounting period concept?
Accounting period is the minimum time period for which comany prepare it's books of accounts.
What is meant by the Accounting Period Concept?
When accountants prepare financial statements, they assume that the life of the business can be divided into time periods. This is called the accounting period concept. Using this concept, accountants must determine in which period to report the revenues and expenses of the business.
What is a synonym for time?
Synonyms for the concept "time" could include period, duration, or interval. Synonyms for "a time" could include period, era, age, or epoch.
What is time interval concept?
In Accounting, also known as the Accounting Period Concept. Where business operation can be divided into specific period of time such as a month, a quarter or a year(accounting period) Final accounts are prepared at the end of the accounting period ie one year. Internal accounts can be prepared monthly, quarterly or half yearly.
A basic time value of money concept is that dollars are comparable only when they stated at the same time period?
True
Is years an abstract noun?
Yes, the noun 'year' is an abstract noun, a word for a period of time. All nouns for time are abstract nouns, time is a concept.
Is the morning a concrete noun?
No, the word 'morning' is an abstract noun, a word for a period of a day; a word for a period of time.All words for time are abstract noun because time is a concept.
How does time period assumptions affect accountants analysis of accounting transactions?
because its affecting the time period concept and it also violates the GAAP. its affects because they have to record the things in balance sheet or income statement in the correct time period
Is winter concrete or abstract?
The noun 'winter' is an abstract noun, a word for a period of time, a word for a concept.
