Periodic Reporting & the Time Period Principle

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Why would employees be interested in the company's financial status?

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1. Which of the following statements about the time period principle is FALSE?

2. Which of the following entities established the time period principle?

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About This Quiz & Worksheet

Periodic reporting is an important part of accounting. This quiz/worksheet combo will help you test your understanding of the concept. You will be assessed on your understanding of how periodic reporting works and the time period principle.

Quiz & Worksheet Goals

In these assessments you'll be tested on your understanding of:

  • Company finances being reported in distinct time periods
  • The time period principle
  • Accounting

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related accounting lesson
  • Making connections - use understanding of the time period principle
  • Defining key concepts - ensure that you can accurately define main phrases, such as periodic reporting and time period principle
  • Information recall - access the knowledge you've gained regarding periodic reporting
  • Knowledge application - use your knowledge to answer questions about periodic reporting

Additional Learning

To learn more about accounting, review the accompanying lesson on Periodic Reporting & the Time Period Principle. This lesson covers the following objectives:

  • Understand the time period principle
  • Learn how periodic reporting works
  • Know the importance of periodic reporting in accounting
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