A Company's Operating Cycle and Fiscal Year Are Usually the Same

question 18

True/False

A company's operating cycle and fiscal year are usually the same length of time.

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Definitions:

Treasurer

An officer in an organization responsible for managing the organization's financial affairs, including the custody and disbursement of funds.

Obligation

A legal or moral duty to do something or refrain from doing something.

Liable

Legally responsible for something, usually resulting in a requirement to compensate for harm or damage caused.

Accommodation Party

An individual who signs a negotiable instrument to lend their credit to another party without receiving a direct benefit.