why was started accounting year as on April 1st
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Answer / ritha
The accounting period is also called as fiscal year,since it consits of 12months period...we call the period b/w jan to dec as calender year and frm april to march as financial year..it is not mandatory that it should be with in dat time period,it differs from company to company,and from countries to countries.
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Answer / smitha
Accounting Year was started From April 1st because
Financial year starts From April 1st of every year and ends
in next financial yearthat is on march 31st so that the
company can report the transactions of the businesss of
that particular business and prepare a balance sheet .An by
preparing the balance sheet the aufditor will come to know
whether the company has any profit or Loss for the company
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Answer / jayanti
Accounting year is start from 1st of APril Becouse the
financial year is also start from the same. So the Auditors
and goverment, properitor and company it self , will come
to know that whereth ther is a profit or loss for that year.
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