Prepare financial reports every accounting period.
An enterprise shall close the accounts and prepare financial reports for each separate accounting period.
It reflects the enterprise's human resources in a certain accounting period, the overall value.
Expense advance at the end of the month to ensure that expenses are recorded during the correct accounting period.
Profit is the operating result of an enterprise for a specific accounting period, including operating profit, total profit and net profit.
An enterprise shall continuously evaluate the effectiveness of hedging and ensure that this hedging is highly effective in accounting period in which the hedging relationship is specified.
In addition, under the FIFO method, any work performed on the beginning working process inventory in the previous accounting period must be considered when calculating the current period's equivalent units.
accounting period
As an accounting period is over, ending balances of the period change into beginning balances of the next period.
Article 11 accounting methods adopted by enterprises with foreign investment shall be consistent within each accounting period and from one period to the next and shall not be changed at will.
XVI. The medical expense of the employee generated in an accounting period is calculated in sections according to the rank of the hospital and the amount of expenses.
When cost of goods sold is recorded at the time of each sale, the balance of the cost of goods sold account shows at the end of an accounting period the cost of goods sold during the period.
The income statement is a statement of reflecting summarily profitability or the operating results of a business for a specific accounting period, such as a month or a year.
Revenue and expense accounts are closed at the end of each accounting period.
A cost that will benefit more than one accounting period usually is recorded by debiting an asset account.
At the close of the accounting period, the balances on all the subsidiary records are added, and their total amount should agree with the amount in the inventory account, which serves as a control account.
Any expenditure assumed to benefit only the current accounting period.
The permanent accounts are not closed at the end of the accounting period because their balances are not used to measure income or loss.
The current accounting period ends on Tuesday.
The income summary account has no entries and no balance except during the process of closing the accounts at the end of the accounting period.
The rate of increase in the net worth of a business enterprise in a given accounting period.
The statement of owner's equity is a statement of reflecting summarily the changes that occurred in the owner's equity of a business during a specific accounting period, such as a month or a year.
historical cost at the beginning and end of the accounting period
