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    Every organization's accounting is affected in some way ...

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    Every organization's accounting is affected in some way by the time period assumption. Looking at your present or past work experiences, how does this assumption affect the operation of the "business"? What types of adjusting entries did your organization face?

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    The time period assumption is a really easy concept that's explained in very complex terms in textbooks and by professors, for some reason I have never been able to figure out.

    The time period assumption basically states that transactions are relevant for the current period, and some transactions will have to be estimated for the current and future periods. For instance, the time period assumption affects the operations of the business because the sales that occur in the current period are relevant to the current period. We then have ...

    Solution Summary

    Every organization's accounting is affected in some way by the time period assumption. Looking at your present or past work experiences, how does this assumption affect the operation of the "business"? What types of adjusting entries did your organization face?

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