BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The time frame in which a transaction occurs or during which financial information is presented in a report. The accounting period can be a month, a quarter or a year. Usually, the accounting period is defined with respect to an organization’s fiscal year.

Detailed explanation-2: -Accounting periods, also known as reporting periods, are periods of time for which a company or organization reports financial performance by generating, for example, their income statement or balance sheet.

Detailed explanation-3: -An accounting period is a span of time that covers certain accounting functions; it can be either a calendar or fiscal year, but also a week, month, or quarter, for example. Accounting periods are created for reporting and analyzing purposes, and the accrual method of accounting allows for consistent reporting.

Detailed explanation-4: -An accounting period, or reporting period, is often 12 months. There may be different accounting periods for various business tasks. For example, you may have one for income tax, another for sales tax, and still others for business reporting.

Detailed explanation-5: -An accounting period is the span of time covered by a set of financial statements. This period defines the time range over which business transactions are accumulated into financial statements. It is needed by investors so that they can compare the results of successive time periods.