Generally Accepted Accounting Principles Require That a Business's Fiscal Year

question 62

True/False

Generally accepted accounting principles require that a business's fiscal year must end on December 31.

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Definitions:

Warehouseman

A person or company involved in the business of storing goods for others in a warehouse for compensation.

Bailor

An individual who temporarily transfers possession but not ownership of a property or good to another, known as the bailee.

Bailee

A person or entity who is given temporary possession but not ownership of a property or goods under a bailment agreement.

Deteriorate

To become worse or diminish in quality, value, or strength.