Asked by
Taylor Morton
on Nov 12, 2024Verified
A fiscal year for a business
A) ordinarily begins on the first day of a month and ends on the last day of the following twelfth month
B) is determined by the federal government
C) always begins on January 1 and ends on December 31 of the same year
D) should end at the height of the business's annual operating cycle
Fiscal Year
The one-year period a company or government uses for accounting purposes and preparing financial statements.
Operating Cycle
The process by which a company spends cash, generates revenues, and receives cash either at the time the revenues are generated or later by collecting an accounts receivable.
Federal Government
The national government of a country, which holds the primary authority over the nation and implements laws, policies, and regulations across the entire country.
- Understand the fiscal policy regarding the beginning and end dates of a fiscal year for a business.
Verified Answer
KM
Learning Objectives
- Understand the fiscal policy regarding the beginning and end dates of a fiscal year for a business.