Western Company Has an Annual Reporting Period That Runs from July

question 170

Multiple Choice

Western Company has an annual reporting period that runs from July 1 through June 30.Based on this information,which of the following is a true statement?

• A)Western probably has little seasonal variation in their sales.
• B)Western has violated the time period principle.
• C)Western must prepare financial statements as of December 31 each year.
• D)Western has adopted a fiscal year.
• E)Western does not have an accountant.

---

Definitions:

Erie Canal

Most important and profitable of the canals of the 1820s and 1830s; stretched from Buffalo to Albany, New York, connecting the Great Lakes to the East Coast and making New York City the nation’s largest port.

Great Lakes

A group of five large, interconnected freshwater lakes located on the border between the United States and Canada, significant for their combined area, volume, and role in North American commerce and navigation.

Facilitated

To facilitate means to make an action or process easier or to assist in the progress of something, often by providing necessary resources, information, or support.

Lafayette's Visit

Refers to the tour of the United States by the Marquis de Lafayette, a French aristocrat and military officer who fought in the American Revolutionary War, celebrated as a hero during his visit in the early 19th century.