Time period assumption: According to time period assumption, accounting period are divided into periods so as to differentiate between transactions of one period from another.
Annual financial statements: Financial reports which represent the financial health of the company, covering a one year period are known as annual financial statements.
Fiscal year: Fiscal year is a 12 months period for which accounting records or other financial statements of the company are prepared.
Calendar year: A calendar year consists of 12 successive months running from first day of January to last day of December.
Timeliness: The value of information is often linked to its timeliness. Timeliness is important in accounting as any information provided late is of no material use for the decision makers.
To identify: The relevant terms that complete the given statements.
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FINANCIAL ACCT.FUND.(LOOSELEAF)
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