A Fiscal Tax Year Can End on the Last Day

question 68

True/False

A fiscal tax year can end on the last day of any month other than December.

Grasp the required disclosures for intangible assets and goodwill in financial statements.

Understand the criteria for expensing vs. capitalizing R&D costs and other intangible assets under GAAP.

Calculate the costs associated with acquiring or defending intangible assets.

Differentiate between GAAP and IFRS treatments of goodwill, including impairment and amortization.

---

Definitions:

Creditor

An individual or institution that lends money or extends credit to another, with the expectation of being repaid.

Stale Check

A check, other than a certified check, that is presented for payment more than six months after its date.

Good Faith

A concept involving an honest intention to act without taking an unfair advantage over another party, typically implied in agreements or transactions.

Uncertified Check

A check that the bank has not guaranteed or verified regarding the availability of funds, standing in contrast to a certified check.