Which of the Following Statements About a Fiscal Year Is

question 102

Multiple Choice

Which of the following statements about a fiscal year is true?

• A)It is the same for all companies in the same industry.
• B)It is the financial accounting term used to describe the calendar year.
• C)It is a 12-month period ending any time in the calendar year.
• D)It is the period covered by the balance sheet.

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Definitions:

Sales Volume

The total quantity of goods or services sold within a specific period, often used as an indicator of business performance.

Price Inelastic

A characteristic of goods or services whose demand does not significantly change with changes in price, indicating that consumers are relatively unresponsive to price adjustments.

Price Elastic

Describes a condition where the demand for a product or service changes significantly in response to a change in its price.

Price Volatile

describes a market condition where prices fluctuate unpredictably and often, which can affect buying and selling decisions.