For the purposes of measure business income, the time of a business is?

a) Divided into specific point of time
b) Divided into irregular cycles
c) Divided into discrete accounting periods
d) Considered to be a continuous cycle

Answers:    For the purposes of measuring business income, the time of a business is
c) Divided into discrete accounting periods

The balance sheet is presented at a specific point within time, but income must be for a period.
d

If you assume that a business does NOT have continuous life span you have to change the principals you use to determine lattice income.
Divided into specific point of time

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