In Japan, What Is the Most Commonly Used Ending Date

question 36

Multiple Choice

In Japan, what is the most commonly used ending date for accounting periods?

• A)December 31
• B)March 31
• C)June 30
• D)September 30

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Definitions:

Net Income

The profit a company generates after deducting all costs, expenses, and taxes from its total revenue.

Accrued Revenue

Revenue that has been earned, but not yet received in cash or recorded in the accounts.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate period for accurate financial reporting.

Owner's Equity

The residual interest in the assets of a business after deducting liabilities, representing the owner's claim against the company's assets.