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When Accountants prepare financial statements, they assume that the life of the business can be divided into time periods. This is called the accounting period concept. Using this concept, accountants must determine in which period to report the revenues and expenses of the 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.
What Basic 8 concepts of financial accounting?
There are eight accounting concepts: Business entity concept, cost concept, going concern concept, matching concept, objectivity concept, unit of measure concept, adequate disclosure concept, and accounting period concept
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.
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.
Concept of social responsibility accounting?
concept of responsibility accounting
What is accounting period concept?
Accounting period is the minimum time period for which comany prepare it's books of accounts.
What Basic 8 concepts of financial accounting?
There are eight accounting concepts: Business entity concept, cost concept, going concern concept, matching concept, objectivity concept, unit of measure concept, adequate disclosure concept, and accounting period concept
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.
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 concepts of accounting?
where are 7 Accounting concept in the books of CIE which are done for methods e.g deprecation=prudence if the company will complete forward=going concern etc.idea is more basic to accounting than the accounting unit or entity, a term used to identify the organization for which the accounting service is to be provided and whose accounting or other...Accounting concept are customs and tradition which are used as a guide for preparation of financial statements
'what is periodicity concept'?
concept under which each accounting period has an economic activity associated with it, and the activity can be accpunted for measured and reported .
What is the accrual concept of accounting?
The accrual concept concerns the matching of costs and revenues for the reporting period.
Concept of social responsibility accounting?
concept of responsibility accounting
Time Period Concept?
the time period concept is a GAAP that is generally accepted accounting principle that states that the acounting entries are made in equal periods of time usually on each year
What are accounting conversion and concept?
accounting concept are the basic knowledge of accounting on which basis monetry transation are made in accounting book.
Principles of accounting?
Accounting principles are those rules and concepts that are generally accepted as standards for the field of accounting. These are standardized by governing bodies such as GAAP and IASB. Few core principles are Accrual concept, Business Entity Concept, Time Period Assumption etc. Reference: http://www.gripaccounting.com/financial-accounting/principles/
Example of periodicity concept in accounting field?
An example of the periodicity concept in the accounting field would be the aging of accounts receivable. A comparison of the balance sheet for one period against another would also be an example of periodicity concepts.
