TIME PERIOD CONCEPT Definition

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TIME PERIOD CONCEPT provides that accounting take place over specific time periods known as fiscal periods. These fiscal periods are of equal length, and are used when measuring the financial progress of a business.

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NONCURRENT LIABILITIES are liabilities that represent money the entity owes one year or more in the future. There are many line items in this category, the most important one being long-term debt.

APPLICATION RATE is the quantity (mass, volume or thickness) of material applied per unit area.

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