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 at the end of which a company prepares its financial report. It could be yearly, bi-annually, monthly, weekly, or daily.