Accounting periods should be more than 5 years.

The time-period concept assumes that unlimited economic life of a company will be divided into regular intervals and that financial statements will be prepared for specific periods such as a month, quarter, or year.

Accounting periods may be approximately weekly for preparing.

The time period principle is the concept that a business should report the financial results of its activities over a standard time period which is usually about 2 or 3  years.

The time period concept is one of the fundamental accounting principles and rules, applicable to only cash accounting.