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If an organization maintains a periodic stock system, the stock quantities are?

Accounts - Principles of Accounts
JAMB 2010

If an organization maintains a periodic stock system, the stock quantities are?

  • A. updated at the end of the accounting year
  • B. not considered in the updating process
  • C. updated continuously
  • D. updated at the beginning of the accounting year
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Correct Answer: Option A
Explanation

In accounting, a financial period is calculated on a yearly basis. Accounts are prepared at the end of the year

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