| Financial Status Essay
The assessment of the financial status is crucial for any business organization. However, the duration of time after which business organizations do these assessments differs. Therefore, to know the financial standing of a business, managers of the companies do not wait until a lump sum of years pass. On the contrary, they usually do the financial reporting in shorter periods of time. This has usually been referred to as the application of the time period principle or time period concept. According to Accounting Tutorial (2010), most businesses or companies use a 12-month period of time to assess their financial performance. While some organizations choose the period ending in December of each year, other companies prefer the period ending in June of each year. This period is usually known as the fiscal year. However, in some cases, business organizations do financial reporting in shorter periods, for instance, on a quarterly basis. Moreover, this reporting is referred to as periodic reporting.
Periodic reporting is significant for the effectiveness of a business organization. Gowthorpe (2005) concludes that it is useful in monitoring the performance of parts of a business as well as the whole business. In addition, managers of the companies use periodic reporting to assess the impact of their decisions and consequently make better decisions in the future. Therefore, periodic reporting is not only important for planning purposes but also for purposes of control. Periodic reports are not only valuable for managers but also for shareholders and other stakeholders. According to Choi (2003), securities regulators require annual reports once in a year and interim reports in the middle of the fiscal year. Lastly, periodic reports, for instance annual reports, are crucial for shareholders because these reports give them information on how their investment is making returns.
Study Acers provides students with tutoring and help them save time, and excel in their courses. Students LOVE us!No matter what kind of essay paper you need, it is simple and secure to hire an essay writer for a price you can afford at StudyAcers. Save more time for yourself. Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more