Is a sequence of accounting procedures that are usually performed during an accounting period.
An accounting period - is the time period for which the income statement is prepared.
Calendar year - is from January 1 to December 31.
Fiscal year - is any twelve month period. A fiscal year could be a calendar year but does not have to be.
Interim reports - are statements that are usually prepared for a month or a quarter (a portion of the fiscal year)
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