Explain why an accounting period of 12 months is used as the basis for reporting to external

Question:

Explain why an accounting period of 12 months is used as the basis for reporting to external users of financial statements?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial and Management Accounting

ISBN: 978-1292086590

7th edition

Authors: Pauline Weetman

See More Books

Question Posted: Jan 25, 2018 01:23 AM

See More Questions

The Hagues, husband and wife, owned a 160 acre tract that they decided to sell. They entered into a listing agreement with Harvey C. Hilgendorf, a licensed real estate broker that gave Hilgendorf the...
Goldwing Corporation offers enriched parental benefits to its staff. While the government provides compensation based on Employment Insurance legislation for a period of 12 months, Goldwing increases...
Goldwing Corporation offers enriched parental benefits to its staff. While the government provides compensation based on Employment Insurance legislation for a period of 12 months, Goldwing increases...
In a study it is observed that the right ovary ovulates more than the left, all are possible explanation for the cause except a) Anatomical difference between right and left side b) Difference in...
Fig. 3.76 illustrates a basic magnetization curve of iron (commercial purity grade). Using this plot, draw the permeability μ as a function of the magnetic field strength H. At what value of H is...
A particular binary system of two stars in circular orbits is observed to orbit each other about their common center-of- mass that appears to reside at a point midway between them. Explain the logic...
Determine the vertical displacement of point \(C\) of the simply supported 6061-T6 aluminum beam. Consider both shearing and bending strain energy. A 100 kip C La -1.5 ft- -1.5 ft- B
Leah Friend is trying to decide which of two different kinds of candy to sell in her retail candy store. One type is a name brand candy that will practically sell itself. The other candy is cheaper...
Adjusting entries are seen as deferrals or accruals (Kieso et al., 2019). Deferrals occur when you have prepaid expenses or unearned revenue. Basically, you're spending/receiving the money before the...
Aero Motorcycles is considering opening a new manufacturing facility in Fort Worth to meet the demand for a new line of solar-charged motorcycles (who wants to ride on a cloudy day anyway?) The...
What is the bookkeeping entry for an increase in revenue?
Explain how the structure of the statement of financial position (balance sheet) corresponds to the accounting equation?
Highline Financial Services provides three categories of service to its clients. Managing partner Freddie Mack is getting ready to prepare financial and personnel hiring (or layoff) plans for the...
3. Consider a 1-dimensional pendulum of length and mass m oscillating around its equilibrium position, subject to the force of gravity. Let us denote the acceleration due to gravity as g. Show that,...
An LRC circuit is set up with an inductance of 1/6 henry, a resistance of 1 ohm, and a capacitance of 6/5 farad. Assuming the initial charge is 5 coulombs and the initial current is 3 amperes, find...
(Choose the correct answer) 2- The temperature coefficient (a) approximation is: a. 0.0875 PC b. 0.0875 C- c. 0.0035 C d. 0.0035 C-* -40 Resistance (ohms) 3 -20 32- 31- 30 29 28 27 25- 24- 23- 22-...
1.The potential energy of a system of two atoms is given by the relation: B + 7.10 J A stable molecule is formed with the release of 8 eV energy when the interatomic distance is 2.8A. Find A&B and...
A hungry 750 N bear walks out on a beam in an attempt to retrieve some "goodies" hanging at the end (Fig. P8.20). The beam is uniform, weighs 200 N, and is 6.00 m long, the goodies weigh 85.0 N. 60.0...
Research Science Inc. provides funding to University Hospital to perform a research study on the benefits of a new drug for insomnia. The agreement requires University Hospital to plan the study,...
DEPARTMENT DATA EMPLOYEE DATA EmployeeNumber FirstName Mary Rosalie Richard George Alan 3 4 5 7 8 9 855555ES 12 13 14 15 16 17 Create the database tables in SQL or ACCESS: 18 19 20 PROJECT DATA Ken...
What is the bookkeeping entry for a withdrawal of owner's capital?
Explain why an accounting period of 12 months is used as the basis for reporting to external users of financial statements?
Explain how the structure of the income statement (profit and loss account) represents a subsection of the accounting equation?
Employee longevity A large insurance company has developed a model to identify the factors associated with employee turnover. The dependent variable is number of years an employee stays with the...
5. Consider the 'top-hat' function which is zero everywhere except between -1 and 1 where it takes value 1. Show, using only elementary integration, that the convolution of this function with itself...
HERE IS THE SITUATION. With attendance plummeting by 50 percent in the past decade, a new, younger executive director was hired to reverse the trend. By understanding the importance of integrating...

Explain why an accounting period of 12 months is used as the basis for reporting to external

Question:

Step by Step Answer:

Companies use 12 months accounting period because ...View the full answer

Financial and Management Accounting

Students also viewed these Managerial Accounting questions