Accounting Concept- Accounting Period Concept

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We talk about Accounting Period Concept in brief with the help of Motion Graphics.
To know more about the "Users of Financial Statement" click on the link below:
• Accounting Concepts- ...
If you have any questions- Drop em into the comment section and I will answer them.
#accountancy #motiongraphics #accountingconcept #goingconcern #moneymeasurement #costconcept #dualaspectconcept #fulldisclosure
#CBSE #CA #CS #revision #education #india

Опубликовано:

24 сен 2024

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Комментарии : 8

@omchelani8955 3 года назад

Thnkuu for helpful vdo.😋

@samugurung4228 2 года назад

thank u

@austindcosta7842 3 месяца назад

bro so for each company have to strictly follow 1 year,6months,3months or 1 month according to their rules? lets say a pvt. ltd. has a accounting period of 6months so in that case they will see the transactions like rent,salaries,etc. in that 6months like july to dec.?

@ConceptMantra 3 месяца назад

Exactly right

@shahzad4455 3 года назад

As per definition you provided, this is simply a timestamp attached to transactions and journal entries. But what I am looking for is a bit different. Companies pay their employees monthly. Now for October they will pay salaries on (let's say) November 5 but as per monthly accounting period books would be closed on October 31. How can we tackle this issue and how would accounting period would fit in this scenario?

@ConceptMantra 3 года назад

Yes, Accounting period is about timestamps on the transactions. However, what you are looking for is a covered under the "Matching concept" (you can find the video for it on the channel). As per your query the company will show the salary for the Month of October as outstanding salary in its Financial statements.