CBSE Sample Papers

CBSE Sample Papers from CBSEtuts.com

Fundamentals of Accounting – Accounting period concept

April 28, 2019 by admin Leave a Comment

As a matter of fact, the income from a business enterprise can be precisely determined only at the end of its life, i.e., when the business is finally closed down. However, in order to have an idea about the progress made by the business and to take remedial measures in time, business income is determined after the expiry of a reasonable period. Such a period is termed as ‘accounting period’, The income disclosed by the Tncome Statement is the income made during the accounting period. However, this is only an interim report. The actual income earned by the business will be known only when the business is finally closed down. Thus, the measurement of accounting income is also subject to the Accounting Period Concept.

Filed Under: Uncategorized Tagged With: Accounting Period Concept, Fundamentals of Accounting

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Note Making Class 11 CBSE Format, Examples
  • Unseen Passage For Class 11 Literary CBSE With Answers
  • Unseen Passage for Class 11 Discursive CBSE with Answers
  • Unseen Passage for Class 11 Factual CBSE With Answers
  • Rearrange Jumbled Sentences for Class 11 CBSE with Answers
  • Error Correction Exercises for Class 11 CBSE with Answers
  • Sentence Transformation Exercises for Class 11 CBSE with Answers
  • Editing Exercises for Class 11 CBSE with Answers
  • Active and Passive Voice Exercises for Class 11 with Answers CBSE
  • Tenses Exercises for Class 11 CBSE With Answers

Copyright © 2021 · Magazine Pro Theme on Genesis Framework · WordPress · Log in