An Accounting Time Period That Is One Year in Length

question 76

Multiple Choice

An accounting time period that is one year in length but does not begin on January 1 is referred to as

• A) a fiscal year.
• B) an interim period.
• C) the time period assumption.
• D) a reporting period.

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Definitions:

Primarily Liable

Having the main or first responsibility for fulfilling an obligation or debt.

Imposter

A person who deceives others by pretending to be someone else for personal or financial gain.

Obligor

A person or entity legally bound to provide a payment, service, or other benefit to another (the obligee) under the terms of a contract or legal agreement.

Negotiable Instrument

A formal written notice ensuring a particular sum of money will be paid, either immediately when asked or at a certain date, with the document specifying who is to pay.