Final answer:
Accountants produce financial statements at specific intervals according to the periodicity concept, which divides a company's economic activities into artificial time periods for the purpose of reporting.
Step-by-step explanation:
During the lifetime of an entity, accountants produce financial statements at arbitrary moments in time in accordance with the basic accounting concept of periodicity. Periodicity assumes that the economic activities of a company can be divided into artificial time periods for reporting purposes. This is a fundamental accounting principle, as it allows for the comparison of financial statements over different periods. It aligns with the practical need for regular reporting to stakeholders, such as quarterly or annual financial statements.