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The time taken to perform a particular set of financial statements is called accounting period. It differs with various reports and company types. The major 3 accounting periods are as follows:
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- Piscal
- Natural business
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What is accounting period concept?
Accounting period is the minimum time period for which comany prepare it's books of accounts.
Accounting period concept?
account period accounting period depends on the person carrying the business. Normaly it starts from 1st april. people may have calendar year as an accounting year.
What are the most important accounting principles?
There are many accounting principles and many are very important in their own way. The top three most important principles are: Economic Accounting Principle, Monetary Unit Assumption, and Time Period Assumption.
Does The cash basis of accounting commonly results in financial statements that are not comparable from period to period?
Cash is the main transaction in an accounting , it will affect from period to period in financial statement
What is time interval concept?
In Accounting, also known as the Accounting Period Concept. Where business operation can be divided into specific period of time such as a month, a quarter or a year(accounting period) Final accounts are prepared at the end of the accounting period ie one year. Internal accounts can be prepared monthly, quarterly or half yearly.
What is accounting period concept?
Accounting period is the minimum time period for which comany prepare it's books of accounts.
Accounting period concept?
account period accounting period depends on the person carrying the business. Normaly it starts from 1st april. people may have calendar year as an accounting year.
What are the most important accounting principles?
There are many accounting principles and many are very important in their own way. The top three most important principles are: Economic Accounting Principle, Monetary Unit Assumption, and Time Period Assumption.
Does The cash basis of accounting commonly results in financial statements that are not comparable from period to period?
Cash is the main transaction in an accounting , it will affect from period to period in financial statement
What is time interval concept?
In Accounting, also known as the Accounting Period Concept. Where business operation can be divided into specific period of time such as a month, a quarter or a year(accounting period) Final accounts are prepared at the end of the accounting period ie one year. Internal accounts can be prepared monthly, quarterly or half yearly.
Is accounting staff salary a period cost or a product cost?
Accounting staff are considered executive costs which would be a period cost.
What the three broad areas of accounting?
1 - Cost accounting 2 - Financial accounting 3 - Management accounting
What is accounting period conversation?
An accounting period refers to the interval between two points in time during which the financial activity of a business is measured.
What are three basic activities of accounting?
What are the Basic Activities of accounting?
Why are closing entries required at the end of an accounting period?
The closing entries in an accounting period are important because they will be used as opening entries in the next period. They help people to calculate the balances and accruals of a predetermined period.
What does red ink entry mean?
it is a intrest which is calculated for the period starting from closing of accounting period to the date of maturity of the bill of exchange issued during accounting period. it is reversal entry
What is the accounting cycle?
Accounting cycle comprises all of the accounting activities, from the recording of transaction up to the preparation of financial statements, which are repeatedly performed in every accounting period.
