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  • Nota de Estudos
  • Rever Tópicos
    Wendy C.
    AU
    Wendy C.

    When balance day adjustments are made using the 'expense approach' , the payment or receipt is initially treated as an expense or revenue. That portion of the payment, or revenue not used or received, at the end of the accounting period, is then treated as an asset or a liability.

    Samuel F.
    ZA
    Samuel F.

    An accounting period is a period of time such as the 12 months of January 1 through December 31, or the month of June, or the three months of July 1 through September 30. It is the period for which financial statements are prepared. For example, the income statement and the cash flow statement report the amounts occurring during the accounting period, and the balance sheet reports the amounts of assets and liabilties as of the final moment of the accounting period. While companies are required to prepare financial statements for each annual accounting period, most companies also prepare financial statements for each monthly accounting period. This monthly feedback can be valuable for the company's management but only if it reflects: •accrual accounting •the matching principle •adjusting entries For instance, if a company prepares monthly financial statements, there needs to be adjusting entries as of the last day of every month to: •accrue expenses and liabilities that occurred but have not yet been recorded. Examples include maintenance, repairs, wages of hourly paid employees, utilities used, property taxes, interest, etc. •record the depreciation for the 30 days of the month. •adjust prepaid expenses for the amounts that have expired and to defer the expenses that have not expired as of the end of the month.

    Harrison A.
    AT
    Harrison A.

    Accounting period is a period when a business needs to select an annual tax year. The two main choices are a calendar or fiscal tax year. A calendar tax year is 12 consecutive months beginning January 1 and ending December 31 .The calendar tax year is used by most businesses. A reason a business might choose a fiscal tax year is that they could select an ending month for their fiscal year when the business activities is low .This makes the process of what is called closing the books a little easier. Also if a business has inventories, there would be less they would have to count.

    Harrison A.
    AT
    Harrison A.

    Why is this accounting period so important?

    Zachary B.
    US
    Zachary B.

    What is the accounting period?

    Zachary B.
    US
    Zachary B.

    What is the accounting period?

    Zachary B.
    US
    Zachary B.

    What is an accounting period?

    Zachary B.
    US
    Zachary B.

    What is the accounting period?

    Zachary B.
    US
    Zachary B.

    What is the accounting period?

    Ivan Fredrick K.
    UG
    Ivan Fredrick K.

    More insight on ledger accounts.

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