Question

accounting period consist of,_________​

Answer 1

Answer:

an accounting period is a period of time that covers certain accounting functions which can be either calendar or fiscal year but also a week, month or quarter etc

Answer 2

ANSWER :

Accounting Period consists of a time span of usually twelve months under which businesses maintain their books of accounts.

• ★ Accounting Period is also known as a Financial Period.

• ★ There are generally two kinds of Accounting Period : Calendar Year and Fiscal Year.

• ★ Some business enterprises consider their Accounting Period as per the Calendar Year which starts from 1st January and ends on 31st December.

• ★ Some business enterprises however consider their Accounting Period as per a Fiscal Year starts from the first day of any month other than the month of January. (as a Fiscal year means a year that doesn't end on 31st December).

• ★ When a Fiscal Year is considered as an Accounting Period by a business enterprise, it normallt starts from 1st April and ends on 31st March.

• ★ The books of accounts of a business enterprise is maintained during the Accounting Period.

• ★ Final Accounts are prepared at the end of an Accounting Period by a business.