effect of closing month for accounting year

[Farkhanda]

How should or can a firm determine that it closes its ANNUAL accounts in a particular month?

Is the closing month of annual accounts selected w.r.t the nature of firm i.e. whether partnership or corporation?

What is the effect of closing annual accounts in December and in June on the short-term stock values?

[awaisaftab]

As per income tax ordinance only some specified types of organizations have some special accounting accounting year/tax year all other type of companies ussually close their books in the month of june of each year.

There is no seprate criteria for partnership and corporate sector regarding closure of books of accounts.