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An accounting period, in bookkeeping, is the period with reference to which management accounts and financial statements are prepared. In management accounting the accounting period varies widely and is determined by management. Monthly accounting periods are common.
The 4–4–5 calendar is a method of managing accounting periods, and is a common calendar structure for some industries such as retail and manufacturing.It divides a year into four quarters of 13 weeks, each grouped into two 4-week "months" and one 5-week "month".
Financial years are designated by the calendar year of the second half of the period. For example, financial year 2025 is the 12-month period ending on 30 June 2025 and can be referred to as FY2024/25. It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises. [9]
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.
An asset depreciation at 15% per year over 20 years [1] In accountancy, depreciation refers to two aspects of the same concept: first, an actual reduction in the fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wears, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are ...
In accounting, adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. The revenue recognition principle is the basis of making adjusting entries that pertain to unearned and accrued revenues under accrual-basis accounting. They are ...
An accounting period is a period with reference to which United Kingdom corporation tax is charged. [1] It helps dictate when tax is paid on income and gains. An accounting period begins whenever a company comes within the corporation tax charge, and whenever an accounting period ends without the company ceasing to be within the charge.
After a certain period, typically a month, each column in each journal is totalled to give a summary for that period. Using the rules of double-entry, these journal summaries are then transferred to their respective accounts in the ledger, or account book. For example, the entries in the Sales Journal are taken and a debit entry is made in each ...