Accounting period

Accounting period is the period usually covered by a company’s accounts. The balance sheet shows the state of the company’s affairs at the end of the accounting period, while the profit-and-loss account shows the changes which have taken place since the end of the previous period.

Category: Economics
Share it:  Cite

More from this Section

  • Ad valorem tax
    Ad valorem tax is a tax (such as VAT) which is calculated according to the value of the ...
  • Government spending
  • Pension
    Pension benefits are paid to individuals who have retired from active employment, in order ...
  • Portfolio
    Portfolio is a collection or group of assets. ...
  • Paradox of Thrift
    Paradox of Thrift is an individual household, business, or government may attempt to save ...