Q 1. The fiscal period assumption states that the operating life of an economic entity... 2. Ten years after a company purchases a plot of land, it is reported on the balance sheet at its cost from the year it was purchased instead of its current selling price. This accounting practice is justified by the: 3. Why must measures of performance and financial position be available on a timely basis? 4. Present value is defined as: 5. The valuation basis used to measure accounts payable is: