The Majority of Businesses End Their Fiscal Year on December

question 130

True/False

The majority of businesses end their fiscal year on December 31.

---

Definitions:

End-Of-Period Spreadsheet

A financial document used to gather and adjust account information from the ledger in order to prepare financial statements at the end of an accounting period.

Capital Balance

The amount of money that owners have invested in a company, not including any profits or losses.

Natural Business Year

A fiscal year that ends when a company's sales are at their lowest point in their annual cycle.

Fiscal Year

A one-year period used for financial reporting and budgeting, which does not necessarily coincide with the calendar year.