Value of Information and Time Period Assumption

These flashcards cover key concepts related to the value of information in decision making, the role of accounting systems, and the time period assumption in financial reporting.

Timeliness of Information

The concept that information should reach decision makers frequently and promptly to be useful.

Accounting Reports

Preparation of reports at regular intervals to provide timely information.

Time Period Assumption

The assumption that an organization's activities can be divided into specific time periods.

Annual Financial Statements

Reports covering a one year period that summarize an organization's financial performance.

Interim Financial Statements

Financial reports that cover shorter time periods, such as one, three, or six months.