Time period in which a company’s economic transactions must be recognized and recorded, and financial statements must be presented at the end of it. Financial statements are the accounting documents that show the financial position or results of a company on a specific date or period. Required financial statements usually include the balance sheet, income statement, and statement of changes in equity. The accounting period is generally one year, from the first day of January to the last day of December, although it can also be between other dates or be semi-annual, quarterly, or monthly.
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