The term “accounting period” is used to refer to the

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Accounts - Principles of Accounts JAMB 1994

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 checkmark
  • period within which debtors are expected to settle accounts

The correct answer is: 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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