ACCOUNTING EXPERTISE

ALL ABOUT ACCOUNTING :- 17th BLOG        ☆☆☆☆☆ACCOUNTING☆☆☆☆☆ Hi freinds  🙏.,             Today's discuss 12th accounting principle. So let's discuss...    ★   TIME PERIOD :-   The time period principle (or time period assumption) is an accounting principle which states that a business should report their financial statements appropriate to a specific time period. ... In financial terms, a time period is often referred to as the accounting year, or accounting and reporting time periods.                        * R equirement of time period :-  The users of financial statements need current and reliable information to evaluate financial performance and position of the companies to make important decisions and take appropriate actions. The time period assumption enables companies to divide their economic activities into short time periods.   * Types of accounting period  :-  Mainly  two types of time period :-  📆Calendar  year :-  the normal period begins on January 1 and ends