Which of the Following Cannot Be Selected as a Valid

question 14

Multiple Choice

Which of the following cannot be selected as a valid tax year end?

• A) December 31ˢᵗ
• B) January 31ˢᵗ
• C) The last Friday of the last week of June.
• D) December 15ᵗʰ
• E) A tax year can end on any of these days

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Definitions:

Annually

Relating to something that happens once a year.

Variable Costs

Costs that vary directly with the level of production or sales volume; they rise as production increases and fall as production decreases.

Fixed Costs

Expenses that do not change with the level of production or sales activities within a certain scale.

Net Working Capital

A liquidity calculation that represents the difference between a business's current assets less its current liabilities, highlighting operational efficiency and short-term financial health.