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JAMB Principles of Accounts 1994 Question 1

Question 1

Accounting Concepts and Conventions

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

  1. A.time span during which taxes are paid to the Inland Revenue Board
  2. B.budget period, usually one year, relied on by the accountant
  3. C.time span, usually one year, covered by financial statement
  4. D.period within which debtors are expected to settle accounts.
Show the answer and explanation

Answer: C (time span, usually one year, covered by financial statement)

Explanation

The accounting period is the length of time (normally a year) that a set of financial statements covers.