An accounting time period that is one year in length, but does not begin on January 1, is referred to as a. a fiscal year. b. an interim period. c. the time period assumption. d. a reporting period....

An accounting time period that is one year in length, but does not begin on January 1, is referred to as a. a fiscal year. b. an interim period. c. the time period assumption. d. a reporting period. 3. Adjustments would not be necessary if financial statements were prepared to reflect net income from a. monthly operations. b. fiscal year operations. c. interim operations. d. lifetime operations. 4. Management usually desires _________ financial statements and the Canada Revenue Agency requires all businesses to file __________ tax returns. a. annual, annual b. monthly, annual c. quarterly, monthly d. monthly, monthly 5. Which of the following assumptions requires that businesses prepare adjusting entries before completing their financial statements? a. Going concern assumption b. Time period assumption c. Economic entity assumption d. Monetary unit assumption 6. In general, the shorter the time period, the difficulty of making the proper adjustments to accounts a. is increased. b. is decreased. c. is unaffected. d. depends on if there is a profit or loss. 7. Which of the following is not a common time period chosen by businesses as their accounting period? a. Daily b. Monthly c. Quarterly d. Annually `8. Which of the following time periods would not be referred to as an interim period? a. Monthly b. Quarterly c. Semi-annually d. Annually 9. The fiscal year of a business is usually determined by a. the Canada Revenue Agency. b. the Tax Act. c. the business. d. provincial securities and exchange commissions. 10. The revenue recognition principle dictates that revenue should be recognized in the accounting records a. when cash is received. b. when it is earned. c. at the end of the month. d. in the period that income taxes are paid. Submitted: 1229 days and 7 hours ago. Category: Homework Value: $9 An accounting time period that is one year in length, but does not begin on January 1, is referred to as a. a fiscal year. b. an interim period. c. the time period assumption. d. a reporting period. 3. Adjustments would not be necessary if financial statements were prepared to reflect net income from a. monthly operations. b. fiscal year operations. c. interim operations. d. lifetime operations. 4. Management usually desires _________ financial statements and the Canada Revenue Agency requires all businesses to file __________ tax returns. a. annual, annual b. monthly, annual c. quarterly, monthly d. monthly, monthly 5. Which of the following assumptions requires that businesses prepare adjusting entries before completing their financial statements? a. Going concern assumption b. Time period assumption c. Economic entity assumption d. Monetary unit assumption 6. In general, the shorter the time period, the difficulty of making the proper adjustments to accounts a. is increased. b. is decreased. c. is unaffected. d. depends on if there is a profit or loss. 7. Which of the following is not a common time period chosen by businesses as their accounting period? a. Daily b. Monthly c. Quarterly d. Annually `8. Which of the following time periods would not be referred to as an interim period? a. Monthly b. Quarterly c. Semi-annually d. Annually 9. The fiscal year of a business is usually determined by a. the Canada Revenue Agency. b. the Tax Act. c. the business. d. provincial securities and exchange commissions. 10. The revenue recognition principle dictates that revenue should be recognized in the accounting records a. when cash is received. b. when it is earned. c. at the end of the month. d. in the period that income taxes are paid.