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Monthly accounting periods are common. In financial accounting the accounting period is determined by regulation and is usually 12 months. The beginning of the accounting period differs according to jurisdiction. For example, one entity may follow the calendar year, January to December, while another may follow April to March as the accounting ...
The Saudi government owns or has significant stakes in a vast number of companies spanning various industries such as energy, banking, telecommunications, infrastructure, healthcare, and more. There are well over 150 government-owned or partially state-owned companies in Saudi Arabia, reflecting the government's strategic role in the economy ...
In the Philippines, the government's fiscal year is the calendar year, from 1 January to 31 December. [50] The accounting period for the private sector must follow a 12-month fiscal period which can or can not be synchronized with the calendar year. Most Philippine companies end their fiscal years in December or March. [51]
Q2, or the second quarter, refers to the accounting period of April, May and June. Any financial statements you receive from April 1 to June 30 are for Q2 of the fiscal quarter system.
A deferred expense, also known as a prepayment or prepaid expense, is an asset representing cash paid in advance for goods or services to be received in a future accounting period. For example, if a service contract is paid quarterly in advance, the remaining two months at the end of the first month are considered a deferred expense.
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.
The following outline is provided as an overview of and topical guide to accounting: . Accounting – measurement, statement or provision of assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies.
An example of the different treatment under cash and accrual accounting of a government's purchase of a building: Under cash accounting: The government's budget surplus decreases (or deficit increases) by the amount of cash used (or debt incurred) to acquire the building in the year the government takes ownership. After the year of acquisition ...