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Why does a business need to be consistent in the fiscal period it uses for its financial reports?
A business needs to be consistent in the fiscal period it uses for financial reports for purposes of comparison and accuracy. If the fiscal period changes, then it is difficult to compare the business's performance across different periods.
What period of time is the income statement?
Income statement can be made for any period of time but normally it is one fiscal year and all expenses and incomes related to that fiscal period is shown.
The unexpired insurance at the end of the fiscal period represents?
Unexpired insurance at the end of fiscal year is that amount of insurance paid in advance but part of which is not consumed during fiscal year.
What does fiscal year mean?
Fiscal years means the minimum accounting period for which books of accounts are maintained and business activity is performed.
What does the matching principle require?
The matching principle requires that cost of each fiscal year should be matched with revenue of that fiscal year and no previous or future period cost and revenues can be match in current fiscal year.
What is a financial period?
Fiscal year
What is financial period?
Fiscal year
Why does a business need to be consistent in the fiscal period it uses for its financial reports?
A business needs to be consistent in the fiscal period it uses for financial reports for purposes of comparison and accuracy. If the fiscal period changes, then it is difficult to compare the business's performance across different periods.
What period of time is the income statement?
Income statement can be made for any period of time but normally it is one fiscal year and all expenses and incomes related to that fiscal period is shown.
The ending account balance of permanent accounts for one fiscal period are the beginning account balances for the next fiscal period?
th ending account balances of permanent accounts for one fisical period?
Define Prepaid revenue?
Prepaid revenues are defined as revenue that have been received in the current fiscal period but that will not be added to revenues until a subsequent fiscal period when the benefits are given.
The unexpired insurance at the end of the fiscal period represents?
Unexpired insurance at the end of fiscal year is that amount of insurance paid in advance but part of which is not consumed during fiscal year.
What is the time period a budget usually covers?
a fiscal year
What is a year to date?
A year to date is the period from the beginning of a fiscal year to the end of a reporting period.
What does fiscal year mean?
Fiscal years means the minimum accounting period for which books of accounts are maintained and business activity is performed.
What do you mean by fiscal period?
Time period relating to finance or finances. Fiscal year end = the end of an accounting year/cycle. Your first fiscal year could be only 3 months as at March 31, 2010 (you start your business on Jan 1st to Mar 31st) and then thereafter your Fiscal Year End is March 31st. Fiscal period could be financial reporting for only one month. It needs to be defined by the user in a financial report of some kind.
What does the matching principle require?
The matching principle requires that cost of each fiscal year should be matched with revenue of that fiscal year and no previous or future period cost and revenues can be match in current fiscal year.
