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BAM 110 Introduction to Accounting Unit 1
Introduction
In accounting, it is important to keep records of income and expenses which are of importance in
calculations relating to business financial progress. Due to this, there are three different ways in
which an individual can describe a time frame or period. The three concepts used to refer to periods
in accounting include a calendar year, accounting period, and a fiscal year. This paper therefore
defines and discusses the three concepts used in accounting.
