0
a 12 month period is called a fiscal year, there is also a natural year.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What accounting assumptions necessitate the use of adjusting entries?
Time Period Assumption
What are the 2 types of accounting period?
1. fiscal year 2. Perpetual year
What is the normal accounting period in Australia?
From 1 July 20x1 - 30 June 20x2
What is Managerial accounting?
Managerial accounting is different to financial accounting because it is the one called cost accounting. It is the process in which it is needed to identify, measure, analyze, interpret and communicate with information to pursue the goals of an organization.
Defered revenu expinduture Meaning?
The deferred revenue expenditure refers to the incurred company expenses in one accounting period benefited for more than one accounting period. The common example of this expenditure is the cost of advertising and business licensing.
What are the three accounting period?
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:CalenderPiscalNatural business
What is the most common time period covered by an accounting report called?
fiscal year
What is accounting period concept?
Accounting period is the minimum time period for which comany prepare it's books of accounts.
What is meant by the Accounting Period Concept?
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.
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 journal entries that bring the accounts up to date at the end of the accounting period called?
closing entries
What are the journal entries that bring the account up to date at the end of the accounting period called?
closing entries
What are journal entries that bring the accounts up to date at the end of the accounting period called?
closing entries
Do A proof of the equality of debits and credits in the ledger at the end of an accounting period is called a balance sheet?
proofsheet
Cost of goods sold is determined only at the end of the accounting period in?
The inventory system used to determine the cost of goods sold at the end of accounting period is called Periodic Inventory System. This requires physical inventory check.
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
The process of posting adjusting and closing entries in the ledger at the end of an accounting period is called?
Adjusted trail balance
