The Time Period Principle
The time period principle is the concept that a business should report the financial results of its activities over a standard time period, which usually monthly, quarterly, or annually.
Once the duration of each reporting period is established, you use the guidelines of Generally Accepted Accounting Principles or International Financial Reporting Standards to record transactions within each period.
The time period principle is also known as the time period concept or time period assumption.
Economic entity principle
Full disclosure principle
Going concern principle
Monetary unit principle
Revenue recognition principle
What are accounting principles?
What is a going concern qualification?
What is the prudence concept in accounting?