Monthly and quarterly time periods

Monthly and quarterly time periods are called interim periods
Prepare both
Quarterly and annual
Financial
Statements
Fiscal
Length
Calender year
Expain
Assumtion
The time period assumtion states that
- revenue should be recognized in the accounting
- expenses should be matched with revenues
- the economic life of a business can be divided into artificial time periods
- the fiscal year should correspond with the calender year