Final answer:
The time period assumption assumes a two year time frame with interim reporting occurring daily and weekly is false.
Step-by-step explanation:
The time period assumption assumes a two year time frame with interim reporting occurring daily and weekly. This statement is False.
The time period assumption in accounting refers to the idea that an organization's financial statements should cover a specific period of time, usually one year. It assumes that the economic activities of a company can be divided into distinct and measurable time intervals.
Interim reporting, on the other hand, refers to the presentation of financial information for periods shorter than a year, such as monthly, quarterly, or semi-annual reports. It provides stakeholders with up-to-date information about the company's financial performance.