Final answer:
The accounting period refers to the timeframe when certain accounting transactions occur. It can be a month, a quarter, or a year, depending on the company's financial reporting requirements.
Step-by-step explanation:
The correct answer is B. Accounting period.
The accounting period refers to the timeframe when certain accounting transactions occur. It can be a month, a quarter, or a year, depending on the company's financial reporting requirements. During the accounting period, all financial transactions are recorded, summarized, and reported in the company's financial statements.
For example, if a company follows a fiscal year from January 1st to December 31st, each year is divided into accounting periods such as quarters or months. During the accounting period, all revenue, expenses, assets, and liabilities are recorded and properly categorized.