Accounting Reports : - Vidyadip

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Accounting Reports :

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Answer

Data when processed becomes information. When related informationis summarised and presented so as to meet a particular need, it is called Report. Accountingreports can be prepared easily using accounting software and are designed keeping inmind the need for such report.Such reports become useful to the users thereof in decision making process. Quality ofaccounting report depends on its utility, brevity, accuracy, timeliness and design. Whiledesigining accounting report, its objective, contents, completeness and utility should bekept in mind to make it meaningful. Examples of some such accounting reports are:
$(1)$ Profit & Loss account $(2)$ Balance Sheet $(3)$ Debtor's Report $(4)$ Creditor's Report etc.

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Write short-note on: $(1)$ Accounting Period Concept:

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