what do you mean by accounting period concept ???
rn
According to the Accounting Period Concept, the life of an enterprise is divided into different accounting periods such as, yearly, half-yearly, quarterly, monthly, fortnight, day, etc. It helps in measuring and assessing the performance of a business in each period and at regular intervals.
Usually the accounting period is taken as one year. The accounting period may be a calendar year (i.e. January 01 to December 31) or a financial year (i.e. April 01 to March 31).