ACCOUNTING PERIOD CONCEPT

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ALL ABOUT ACCOUNTING :- 21th blog

         ☆☆ACCOUNTING☆☆

Hi freinds., 🙏

Today's discuss 4th concept of accounting....

                                             So let's discuss ..... 

  ★ ACCOUNTING PERIOD CONCEPT :-
All the transactions are recorded in the books of accounts on the assumption that profit on these transactions are to be  ascertained for a, specified period. This is known as accounting period concept. Thus, this concept requires that a balance sheet ⚖️ and profit and loss account should be prepared at regular intervals. This is necessary for different purpose like, calculation of ptofit,  ascertaining financial position, tax computation etc. 
Further, this concept assumes that,  indefinite life of 👨‍💼business is devided into parts are known as accounting period. It may be of one year, six months, three months, one month,  etc. But usually one year is taken as one accounting period which may be a calender year or financial year. 
As per accounting period concept, all the transactions are recorded in the books of accounts for a specified period of  time 🕒. Hence 
, goods and purchases and sold during period rent, salaries etc.  Paid for the period are, accounted for and against that period only. 

★refer 17th blog for deeply knowledge about Accounting period concept ★







★Remaining 5 concepts discuss in 22nd  blog....★ 
                                      
                          So wait my 22nd blog....★

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Comments

  1. UnknownJune 16, 2020 at 8:39 PM

    nice

    ReplyDelete
  2. AnonymousJune 17, 2020 at 2:03 AM

    good artical , its very help full

    ReplyDelete
  3. AnonymousJune 17, 2020 at 2:06 AM

    Usually I never comment on blogs but your article is so convincing that I never stop myself to say something about it. You’re doing a great job Man,Keep it up.

    ReplyDelete
  4. ACCOUNTING EXPERTISE (INCOME TAX,GST)June 17, 2020 at 9:04 AM

    Thanks for comments

    ReplyDelete
  5. UnknownJune 18, 2020 at 12:29 AM

    THANKS FOR CLEAR MY CONCEPT REGARDING ACCOUNTING PERIOD

    ReplyDelete

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