JAMB Accounts Principles of Accounts 2010 Paper

Concept:A periodic stock system records purchases during the period but updates stock quantities only when a physical count is done at the end of the accounting period.Explanation:In a periodic inventory system, stock is not adjusted continuously after each sale or purchase.Purchases are recorded separately, but the exact stock balance is not known during the year.At the end of the accounting year, a physical stock count is carried out.This count is then used to update the stock records and determine the closing stock.So, stock quantities are only updated at the end of the accounting year.Answer:A. updated at the end of the accounting year.