according to periodicity principle financial statements are prepared at.. intervals
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According to which concept, Financial statements are prepared on regular Accounting period intervals which is generally yearly
Explanation:
- An accounting period is a period of time that encompasses various accounting tasks and can be a calendar or fiscal year, as well as a week, month, or quarter, among other things.
- Accounting periods are used for reporting and analysis, and the accrual method of accounting ensures that information is reported consistently.
- According to the matching principle, expenses should be recorded in the same accounting period as they were incurred, and all revenue gained as a result of that expense should be reported in the same accounting period.
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