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Accounting Period

Accounts are to be prepared for a period of 12 month. This period is Called “Accounting Period”.

This period should not be too long where the information becomes useless for the user and not be too short which results in the burden of preparing financial statement. The Income tax Act and Companies Act of 1956 requires that the financial statement should be prepared annually. However, preparation of Interim reports become necessary. For e.g. companies listed in stock exchange have to publish is quarterly report about the financial position of the company.

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