Explain Accounting Period Concept
Give a brief introduction of the term ‘Accounting Period Concept’?
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The imprecise period of time is separated into shorter time periods, each and every one being in the form of Accounting period, so as to make easy the preparation of financial statements on periodical base. Selection of accounting period depends on attributes such as business organization, statutory needs and so forth.
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he following information is taken from the financial statements of an entity: 20x4 20x3 Property, plant and equipment $4,600,000 $4,200,000 Accumulated depreciation (1,800,000) (1,350,000) Depreciation expense 560,000 Gain on disposal of PPE 65,000 The asset disposed of had a cost
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