There's nothing that prevents you from creating accounting periods with unwanted gaps between. You will get a suggestion on a correct start date when creating a new fiscal year, but there's nothing stopping/warning you if you change that date to e.g. one year ahead. By doing so you will miss periods for a year.

The problem with this is deferral. When the schedule is setup the periods are iterated and you will miss periods in your postings. You probaly wont discover this until you try to do a normal posting on the date for which you don't have an accounting period.