Accounting period: Difference between revisions
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1. The period for which any set of accounts is prepared. | 1. ''Financial reporting.'' | ||
The period for which any set of accounts is prepared. | |||
Balance sheets report balances as at the last date in the accounting period. | |||
Cash flow statements, income statements, and other primary financial statements report information for the entire accounting period. | |||
2. ''Tax.'' | |||
A period upon which UK corporation tax is assessed and charged on profits arising in the period. | |||
This period cannot exceed 12 months. | This period cannot exceed 12 months. | ||
Also known as the 'period of account'. | Also known as the 'period of account'. | ||
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== See also == | == See also == | ||
* [[Accounting]] | |||
* [[Accounts]] | |||
* [[Balance sheet]] | |||
* [[Cash flow statement]] | |||
* [[Corporation Tax]] | * [[Corporation Tax]] | ||
* [[Financial statements]] | |||
* [[Financial year]] | * [[Financial year]] | ||
* [[Income statement]] | |||
* [[Long term contracts]] | * [[Long term contracts]] | ||
* [[Period of account]] | * [[Period of account]] | ||
* [[Primary statements]] | |||
* [[Tax]] | |||
[[Category: | [[Category:Accounting,_tax_and_regulation]] | ||
[[Category: | [[Category:Compliance_and_audit]] | ||
Latest revision as of 23:45, 6 July 2022
1. Financial reporting.
The period for which any set of accounts is prepared.
Balance sheets report balances as at the last date in the accounting period.
Cash flow statements, income statements, and other primary financial statements report information for the entire accounting period.
2. Tax.
A period upon which UK corporation tax is assessed and charged on profits arising in the period.
This period cannot exceed 12 months.
Also known as the 'period of account'.
