Accounting JAMB

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

Correct Answer:

Option A – updated at the end of the accounting year

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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