Western Company Has an Annual Reporting Period That Runs from July

question 170

Multiple Choice

Western Company has an annual reporting period that runs from July 1 through June 30.Based on this information,which of the following is a true statement?

• A)Western probably has little seasonal variation in their sales.
• B)Western has violated the time period principle.
• C)Western must prepare financial statements as of December 31 each year.
• D)Western has adopted a fiscal year.
• E)Western does not have an accountant.

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Definitions:

Distribution

Refers to the way values in a data set are spread or dispersed, indicating the pattern of variations within the data.

Plus Or Minus Signs

Symbols used to indicate the precision of an approximate number, or to show the range of possible values around a given value.

X-axis

The horizontal axis in a graph or chart, commonly used to represent the independent variable's range of values.

Normal Curve

A symmetrical, bell-shaped curve that represents the distribution of many types of data where most values cluster around a central mean.