Financial Accounting ‏

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Financial Accounting ‏

 
 
 
A fiscal year is a period used for the purpose of preparing annual financial
statements. It is often required by law to have a term of 12 months, but it is not
necessary when it starts or when it ends (may start on 1/1/or 1/3 or 1/7 etc.) This
depends on the company, unless there is Regulatory body obligating the
*.company with a specific start date
true
False
Transcribed Image Text:A fiscal year is a period used for the purpose of preparing annual financial statements. It is often required by law to have a term of 12 months, but it is not necessary when it starts or when it ends (may start on 1/1/or 1/3 or 1/7 etc.) This depends on the company, unless there is Regulatory body obligating the *.company with a specific start date true False
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