00:02
Okay, so we will understand the solution for the current topic.
00:11
An entity can prepare financial statements over different period of intervals and such interval could be monthly, half yearly, quarterly and annually.
00:43
I'm not trying annually because the annual is a pre -assumption that the entity will prepare their financial statements on annual basis.
00:52
So for the sake of simplicity, for the understanding, we are only considering these type of time intervals.
01:02
So an entity can prepare financial statements for these type of intervals.
01:07
Like the entity will account for revenue only the entity will account for revenue only on the case of monthly basis if preparing the financial statement on monthly basis, half fairly basis, likewise quarterly basis.
01:29
In cases of expenses too, the entity will only account for expenses for monthly basis, likewise in half a pally basis, so quarterly basis...