Different people and cultures believe different things for the answer to this question. The meaning of life as we perceive it is derived from philosophical and religious contemplation of, and scientific inquiries about existence, social ties, consciousness, and happiness.
A long-term financial plan should include these elements. Time Horizon. A plan should look at least  five to ten years into the future. Scope. A plan should consider all appropriated funds, but especially those funds that are used to account for the issues of top concern to elected officials and the community. Frequency.
Your first accounts usually cover more than 12 months. If your company was set up on 11 May, its accounting reference date will be 31 May the following year. So your companyâs first accounts must cover 12 months and 3 weeks. In following years, your accounts will normally cover your companyâs financial year from 1 June to 31 May.