BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Accounting period concept is based on the theory that all accounting transactions of a business should be divided into equal time periods, which are referred to as accounting periods.

Detailed explanation-2: -The assessment year is the period (from April 1 to March 31) during which you are taxed on the money you receive in a given financial year. In the relevant assessment year, you must file your income tax return. The year immediately after the Financial Year is known as the Assessment Year.

Detailed explanation-3: -Income is determined by following income statement approach, i.e., by comparing sales revenue and costs related to the sales revenue. Net income is determined as follows: Revenue-Expenses =Net Income. The net income defined as the difference between revenue and expenses determine the business income of an enterprise.

Detailed explanation-4: -Definition: The time period principle is a financial accounting principle that assumes all companies and organizations can divide activities into time periods. These time periods are often called accounting and reporting time periods and can be weekly, monthly, semi-annually, annually, or any other time interval.