time period concept

time period concept
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  • Today we are going to learn about GAAPS! The time period concept is very important when accounting.
  • It is very important that when accounting, you have a consistent fiscal period.  
  • But what happens if you do not follow the rules of GAAP?
  • If you do not follow the rules of GAAP then that is called a violation.
  • What is considered a violation?
  • A violation is when you do not honour the GAAP. For example if you are not consistent with your fiscal periods, then you are violating the time period concept.
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