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What is an Accounting Period ?

Accounting Period (Definition)

An accounting period is the time that a set of financial statements cover – the period business transactions are added to a system to create financial statements and reports. Business owners and investors use the tool so they can compare the results of different time periods. The accounting period is usually a month for internal financial reporting, or some businesses break it down to every four weeks. For taxes, etc, the period can be quarterly or even a full year.

An accounting period could be:

  • Calendar year – January 1 to December 31
  • Fiscal year, for example July 1 to June 30
  • 52 weeks of a fiscal year
  • Calendar year quarters
  • Fiscal quarters
  • Calendar months
  • Fiscal months
  • 4 week period
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