Question

Write shots note on periodicity concept

Answer 1

Answer:

The periodicity assumption states that an organization can report its financial results within certain designated periods of time. This typically means that an entity consistently reports its results and cash flows on a monthly, quarterly, or annual basis. These time periods are kept the same over time, for the sake of comparability. For example, if the reporting period for the current year is set at calendar months, then the same periods should be used in the next year, so that the results of the two years can compared on a month-to-month basis.

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