Accounting concepts of a sole trader

 
Forms of Ownership

Forms of Ownership

Accounting concepts 

The accounting period or financial period of a business is 12 months. It does not necessarily correspond with the calendar year. The financial period for the government is from the 1st of March to the 28th of February the following year. 

Many accounting concepts involve financial periods. 

The current (short-term)  financial year - refers to the twelve-month accounting period (within 1 year) 

Noncurrent (long-term) - longer than 1 year

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References

  • Anon., 2007. The Answer series: Grade 11 Accounting. 2007 ed. Cape Town: The Answer.

  • Anon., 2019. Investopedia. [Online]. Available at: https://www.investopedia.com/ [Accessed 3 October 2019].

  • Doctor, K., 2015. FLIPHTML5. [Online]. Available at: http://fliphtml5.com/fkul/mgtf/basic [Accessed 1 October 2019].

  • T Hall, D. W. P. S. A. A. P. G. P. F., 2017. Accounting Study Guide. 2016 ed. Musgrave: New Generation Publishers .

Neha Pillay (2019)

Grade 10Keroshan PillayComment