Question

Explain Accounting period concept
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Answer 1

Answer:

An accounting period is the time frame for which a business prepares its financial statements and reports its financial performance and position to external stakeholders. This could be after three, six or twelve months. The accounting period usually coincides with the business' fiscal year.

Answer 2

Answer:

An accounting period is the period of time covered by a company's financial statements. ... For example, a company could have a fiscal year of July 1 through the following June 30. Its quarterly accounting periods would be July 1 through September 30, etc.