Question

What is Accounting period concepts

Answer 1

Answer:

An accounting period is a period of time that covers certain accounting functions, which can be either a calendar or fiscal year, but also a week, month, or quarter, etc. Accounting periods are created for reporting and analyzing purposes, and the accrual method of accounting allows for consistent reporting.

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Answer 2

Answer:

Accounting Period Concept: Accounting period is the timeframe at the end of which, the financial statements of a business are prepared, to evaluate its profits and losses, and to learn the status of its assets and liabilities.

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