The term "accounting period" is used to refer to the
time span during which taxes are paid to the inland revenue board
budget period, usually one year, relied on by the accountant
time span, usually one year, covered by financial statement
period within which debtors are expected to settle accounts
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Discussions (71)
Yes,c is correct bcox financial statement ar prepared at d end of accountin period wic is 12 mnth in order 2 show d financial position of d firm and example of statement usualy prepare is balance sheet.
'C' is the correct answer. It's in line with the principle of periodicity which encourages the division of business activities into periods to allow easy measurement of performance of such business @ the end of each period.
D correct answer is c why b'cos d financial statement is posted annually i.e to continue 4rm where they stop their posting.
d rite ans is C due to evry balance sheet z prepare by endin of dat yr xo an accountin period z a year
according to d law of CAMA 1990 ,,limited liability companies ar expected to prepare their financial statement anually, in order to ascertain their financial positions..it is also knwn as d period concept....
yes, the right answer is C coz it is a Period for which a firm prepares its internal or external accounts; the period covered by the financial statements. For internal accounts, it may be a month or a quarter; for external accounts it is normally a period of 12 months.
The term accounting period means the method of preparing the total statement within an annual period
Z d period Were dey z either an increase or decrease in d owners asset or liabilities.
