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The term "accounting period" is used to refer to the

JAMB 1994

The term "accounting period" is used to refer to the

  • A. time span during which taxes are paid to the inland revenue board
  • B. budget period, usually one year, relied on by the accountant
  • C. time span, usually one year, covered by financial statement
  • D. period within which debtors are expected to settle accounts
Correct Answer: Option C
Explanation

An accounting period definition is a period of time in which a company prepares its financial report. It could be yearly, bi-annually, monthly, weekly, or daily.


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