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CBSE Class 11-commerce Answered

Write short note on accounting period.
Asked by Topperlearning User | 09 Jun, 2016, 12:14: PM
answered-by-expert Expert Answer

According to accounting period, the life of an enterprise is broken into smaller periods. Hence, it is necessary to prepare for every accounting period which is generally considered a year or 52 weeks.Information such as operating result, financial position of the business concern is prepared for different users to take decisions. Accounting periods helps in measuring the performance of the business on regular intervals. It is also known as periodicity principle or time period principle.

Answered by | 09 Jun, 2016, 02:14: PM
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