10:53
If I get an A, I’ll absolutely attend. I already have letters, GPA, and LSAT in the books, so I might as well write some essays
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Simple English definitions for legal terms
accounting period
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A quick definition of accounting period:
Accounting period: A specific amount of time that is used for accounting purposes. This time period is often used by taxpayers to determine their income and related tax liability. It is a regular span of time that is used consistently for accounting purposes.
A more thorough explanation:
An accounting period is a specific length of time that is used for accounting purposes. It is a period of time that is used to determine income and related tax liability for a taxpayer.
For example, a company may use a calendar year as its accounting period. This means that all financial transactions that occur during the year will be recorded and reported on the company's financial statements for that year.
Another example is a fiscal year, which is a 12-month period that does not necessarily coincide with the calendar year. For instance, a company may choose to have its fiscal year run from July 1 to June 30.
The use of an accounting period allows for consistency and accuracy in financial reporting. It also helps to ensure that financial statements are prepared in a timely manner and that tax liabilities are accurately calculated.