Question

short note on Accounting period concept​

Answer 1

ANSWER

• An accounting period, in bookkeeping, is the period with reference to which accounting books of any entity are prepared. It is the period for which books are balanced and the financial statements are prepared. Generally, the accounting period consists of 12 months.

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Answer 2

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. ... Internally, the accounting period is considered to be a month or a quarter while externally it is for a period of twelve months.

Explanation:

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