What is the accounting concept/principle for monthly financial statements that are used to measure the progress of the entity on an ongoing basis? Can't seem to locate it in my book. Thanks

Are you speaking of something specific? Because all the concepts that go into financial statements are what people spend all those classes studying.

Yes, I need the answer to the comprehensive problem Kelly Pitney!

what is the accounting concept/principle for monthly financial statements that are used to measure the progress of the entity on an ongoing basis? can't seem to locate it in my book. thanks

Consider the basic objectives of preparing financial statements. For external users you prepare financial statements on an annual basis. In some cases, such as public listed companies, you are also required to prepare quarterly unaudited statements. The idea is to provide information to review performance of the business. The same objective holds true for preparing monthly statements. These are for internal use only, without which the owner/manager will ot be able to judge the progress and position of the business.

Yes, I need the answer to the comprehensive problem Kelly Pitney!

Who are you answering?

You need to start your own thread for your post. Imagine the pile-up if everyone just kept adding their questions to the same thread.

We also DO NOT just give out answers. We aren't here to supply you with the solutions to some comprehensive problem. We're here to help you understand the accounting concepts -- we'll help with homework but you need to show us the attempts you've made to do it first.

I doubt any of the regulars know what the Kelly Pitney problem is. I've never heard of it. You can upload files or give a link to wherever it is online, but please do so in a new thread, and also provide your attempts at doing the problem.