Which of the following would be considered a fiscal year? (Select "Yes" for the items that are applicable and "No" for the items that do not apply) August 1, 20-- to November 30, 20-- January 1, 20-- to December 31, 20-- May 1, 20-- to April 30, 20-- July 1, 20-- to June 30, 20--
Which of the following would be considered a fiscal year? (Select "Yes" for the items that are applicable and "No" for the items that do not apply) August 1, 20-- to November 30, 20-- January 1, 20-- to December 31, 20-- May 1, 20-- to April 30, 20-- July 1, 20-- to June 30, 20--
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A fiscal period is any period of time covering a complete accounting cycle. A fiscal year consists of 12 consecutive months. The accounting cycle represents the sequence of steps in the accounting process completed during the fiscal period.
Which of the following would be considered a fiscal year? (Select "Yes" for the items that are applicable and "No" for the items that do not apply)
| August 1, 20-- to November 30, 20-- | |
| January 1, 20-- to December 31, 20-- | |
| May 1, 20-- to April 30, 20-- | |
| July 1, 20-- to June 30, 20-- |
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Step 1
Solution:
Introduction:
Accounting cycle means steps in the process of accounting followed and completed in a sequence/ an order during the fiscal Year.
Fiscal Year means usually a consecutive twelve months period. It covers an accounting cycle during such period.
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