Accounting Multiple Choice Question – 11 May 2019

An accounting period is…?

Select ONE answer:

1. any period for which an entity chooses to prepare its accounts.
2. a calendar year.
3. any twelve-month period.
4. None of the above.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct
2. An accounting period may be but does not have to be, a calendar year.
3. An accounting period can be of any duration. However, for tax purposes, as opposed to accounting purposes, accounts must be prepared for periods not exceeding 12 months.
4. Not correct

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