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Skaidrė: 1
today for class i am going to explain the following accounting concepts. Accounting period cycle,business entity, full disclosure, and realization of revenue
Skaidrė: 2
The accounting period cycles are financial statements that summarize the financial information that a business records and the period of time for which financial statements are prepared depending on the need of the business. which can take weeks days or years.
now a business entity a business entity is where a business exists separately from its owner a business record must not be mixed with an owners personal records and reports.
Skaidrė: 3
Finally the last two Full disclosure and realization of revenue a full disclosure is where owners managers lenders and investors rely on financial statements to make informed decisions. all relevant financial information must be adequately and completely disclosed on financial statements
now the last one realization of revenue is where a business may sell goods or services. Where cash may be received at the time of sale or the business may agree to receive payments at a later date. regardless of when cash is actually received the sale amount is recorded in the accounting records at the time of sale.
the importance of these is to ensure financial statements are accurate and compare companies reliably and to minimize fraud,

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