Which of the following is time span into which the total life of a business is divided for the purpo...........

Accountancy (Phase -I & II) Concepts of Accounting

Which of the following is time span into which the total life of a business is divided for the purpose of preparing financial statements?

Fiscal year

Calendar year

Accounting period

Accrual period

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Explanation:

Accounting period is time spann into which the total life of a business is divided for the purpose of preparing financial statements. This period defines the time range over which business transactions are accumulated into financial statements, and is needed by investors so that they can compare the results of successive time periods.