Time determination is a fundamental element in a company accounts. To determine the beginning and the end of financial years company uses a calendar year. In business, accounting period and fiscal years are important since they govern the dates in which financial reports are conducted to help in the success of the business.
Accounts in any company play a significant role in its success. In collecting accounting information companies have to follow the calendar year and their accounting period. Companies report income statements in a fiscal year so that they can plan for the next year budget.
Define and discuss a calendar year
Define and discuss an accountig period
Define and discuss a fiscal year